Jones Lang LaSalle

Metro Gets 70,000-SF Assignment
GlobeSt.com Commercial Real Estate News and Property Resource
Last updated: May 8, 2006 10:45am

By Eric Peterson
HOBOKEN, NJ-Metro Commercial Real Estate has picked up the leasing exclusive for the retail component of Hudson Tea, Toll Brothers’ mixed-use redevelopment of the former US headquarters of Lipton Tea. The assignment covers a total of 70,000 sf of ground floor space.

According to Jeff Lagowitz, principal of Metro Commercial’s Fort Lee, NJ office, the goal is to "make this a shopping destination, not only for residents, but for the entire region." The retail component has floor spaces ranging from 3,000 to 30,000 sf, and occupancy is scheduled for the fall of 2008.

A local partnership began the redevelopment in 2000 by converting the former Lipton Tea complex--two 12-story buildings totaling 540,000 sf--into rental apartments. As reported by GlobeSt.com, Toll Brothers, through its Toll Brothers City Living division, hooked up in late 2004 with the Apollo-GMAC Real Estate Mezzanine Fund to buy the project and begin converting the rentals into condos.

Besides Hudson Tea, Toll owns several other adjacent parcels, slating them for residential development. Altogether, Hudson Tea and the adjoining parcels are expected to build out to more than 1,400 residences.

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