Jones Lang LaSalle
PNC Bank Extends 44,000-SF Lease for 10 Years
By Eric Peterson
Last updated: March 7, 2006 10:59am
WEST PATERSON, NJ-PNC Bank has extended its lease for the 43,634 sf the financial services company currently occupies at One Garret Mountain Plaza here. The lease extension is for 10 years.
Further terms of the signing were not released. David Simson, president of GVA Williams of NJ, Parsippany, exclusively represented the tenant.
The building is owned by the Hampshire Generational Fund LLC, a commingled, discretionary real estate investment fund managed by the Morristown-based Hampshire Cos. Hampshire bought the 173,259-sf asset in 2000 for $14.7 million as part of the first round of acquisitions by the then newly-formed private investment fund management company. Hampshire’s assets have now grown to more than $1 billion.
As part of the transaction, Hampshire will launch an upgrade involving both PNC’s space and the building’s common areas, according to Norman Feinstein, Hampshire’s executive vice president. The common area improvements will include a redesign of the lobby and common hallways, improved building signage and renovations to the on-site café.
Besides PNC Bank, whose name is on the class A building, One Garret Mountain Plaza is co-anchored by North Jersey Media Group. The building overlooks I-80 at Exit 56, at the foot of the Garret Mountain Reservation.
PNC Bank Extends 44,000-SF Lease for 10 Years
By Eric Peterson
Last updated: March 7, 2006 10:59am
WEST PATERSON, NJ-PNC Bank has extended its lease for the 43,634 sf the financial services company currently occupies at One Garret Mountain Plaza here. The lease extension is for 10 years.
Further terms of the signing were not released. David Simson, president of GVA Williams of NJ, Parsippany, exclusively represented the tenant.
The building is owned by the Hampshire Generational Fund LLC, a commingled, discretionary real estate investment fund managed by the Morristown-based Hampshire Cos. Hampshire bought the 173,259-sf asset in 2000 for $14.7 million as part of the first round of acquisitions by the then newly-formed private investment fund management company. Hampshire’s assets have now grown to more than $1 billion.
As part of the transaction, Hampshire will launch an upgrade involving both PNC’s space and the building’s common areas, according to Norman Feinstein, Hampshire’s executive vice president. The common area improvements will include a redesign of the lobby and common hallways, improved building signage and renovations to the on-site café.
Besides PNC Bank, whose name is on the class A building, One Garret Mountain Plaza is co-anchored by North Jersey Media Group. The building overlooks I-80 at Exit 56, at the foot of the Garret Mountain Reservation.
posted by Jones Lang LaSalle NJ News Blog at 10:58 AM
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