Jones Lang LaSalle

Polo Ralph Lauren Extends 161,000-SF Lease
By Eric Peterson
Last updated: April 25, 2006 09:50am

LYNDHURST, NJ-Polo Ralph Lauren has extended its lease for 161,000 sf of office space at Copper Ridge Center, signing on at least through 2019. Terms of the extension were not disclosed by landlord Wells Real Estate Investment Trust, which issued a statement reading, "Wells Real Estate Funds does not release details regarding transaction pricing."

In the transaction, the Norcross, GA-based Wells REIT was represented internally by senior vice president George Wells and associate asset manager Kevin Pell, and externally by Jon Meisel of Jones Lang LaSalle, Parsippany. Polo was represented by David Goldstein of Studley, Rochelle Park.

Copper Ridge Center, located on six acres at 9 Polito Dr. in the Meadowlands submarket, was completed in 1989. As reported by GlobeSt.com, Wells acquired the 10-story, 268,000-sf class A building in the summer of 2003, paying a reported $47 million, or just over $175 per sf for the asset. The seller was the Utah State Retirement Fund of Salt Lake City.

The New York-based Polo, which uses the location for its administrative and support operations, has been in the building since 1992. The apparel and accessories giant will continue to occupy approximately 60% of the asset, sharing the location with such other tenants as Mitel Networks and TeleCheck.

"Polo Ralph Lauren is among the leaders in its industry, and we’re very pleased to be able to serve their real estate requirements for another 13 years," Wells says.