Jones Lang LaSalle
AIS Renews and Expands HQ
By Eric Peterson
HACKENSACK, NJ-Alternative Investment Solutions has renewed its lease and expanded its headquarters presence at Normandy Real Estate Partners’ Continental Plaza here. With the transaction, AIS goes from a 4,100-sf space on the sixth floor of 433 Hackensack Ave. to the full 10th floor totaling 22,458 sf.
AIS is a fund administrator and provider of outsourced middle and back office functions to hedge funds. "Advanced technological capabilities such as an uninterrupted power source are vital to AIS’ business," says William J. O’Keefe, vice president of leasing for the Morristown, NJ-based Normandy. Terms of the lease were not disclosed.
Normandy and JV partners Morgan Stanley and Wafra bought the three-building, 12-acre 650,000-sf Continental Plaza not quite two years ago, paying Stellar Management and Brack Capital Real Estate $109 million, or $167 per sf for the trophy asset. AIS’ expansion brings the property to 90% occupancy, according to O’Keefe, with spaces from 1,800 sf to a full floor of 22,458 sf currently available.
The signing also represents the second full-floor deal for Normandy in recent weeks. As reported by GlobeSt.com in April, Rreef leased a full floor of 22,458 sf in a renewal and expansion from its previous 10,500 sf.
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
AIS Renews and Expands HQ
By Eric Peterson
HACKENSACK, NJ-Alternative Investment Solutions has renewed its lease and expanded its headquarters presence at Normandy Real Estate Partners’ Continental Plaza here. With the transaction, AIS goes from a 4,100-sf space on the sixth floor of 433 Hackensack Ave. to the full 10th floor totaling 22,458 sf.
AIS is a fund administrator and provider of outsourced middle and back office functions to hedge funds. "Advanced technological capabilities such as an uninterrupted power source are vital to AIS’ business," says William J. O’Keefe, vice president of leasing for the Morristown, NJ-based Normandy. Terms of the lease were not disclosed.
Normandy and JV partners Morgan Stanley and Wafra bought the three-building, 12-acre 650,000-sf Continental Plaza not quite two years ago, paying Stellar Management and Brack Capital Real Estate $109 million, or $167 per sf for the trophy asset. AIS’ expansion brings the property to 90% occupancy, according to O’Keefe, with spaces from 1,800 sf to a full floor of 22,458 sf currently available.
The signing also represents the second full-floor deal for Normandy in recent weeks. As reported by GlobeSt.com in April, Rreef leased a full floor of 22,458 sf in a renewal and expansion from its previous 10,500 sf.
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
posted by Jones Lang LaSalle NJ News Blog at 10:17 AM
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