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Last updated: June 23, 2006 01:31pm
Agfa-Gevaert Signs 88,000-SF Renewal
By Eric Peterson
RIDGEFIELD PARK, NJ-Agfa-Gevaert Group has renewed its lease for a total of 88,147 sf of office space at 100 Challenger Rd. here. The Hartz Mountain Industries-owned building is within that company’s Overpeck Centre, a multi-building corporate campus.
The signing also marks two decades of Agfa’s occupancy of the building. Terms of the lease were not disclosed.
"Lease renewals are becoming the sign of a tightening market," says Emanuel Stern, president and COO of the Secaucus, NJ-based Hartz. "New activity in the Northern New Jersey marketplace has been moderately strong, and as a result of the improving occupancy, existing tenants in the market are left with few local options. Ultimately, we may see this becoming a more dominant force that will continue to drive leasing rates."
The building at 100 Challenger Rd. is virtually leased up, and Hartz is focusing on the 61,000 sf that remains available at the neighboring building at 65 Challenger Rd. The latter, at 167,000 sf, is similarly sized as 100 Challenger Rd. The 60-acre Overpeck Centre, meanwhile, has a build-out capability of about one million sf, and current major tenants besides Agfa-Gevaert include Summit Bank, Daewoo, Samsung and Degussa. A Hilton Garden hotel is slated to open within the campus in the spring of 2007.
The Agfa-Gevaert Group develops, produces and distributes a range of analog and digital imaging systems and IT solutions, primarily for the printing industry and the health care sector. Its business groups are Agfa Graphics, Agfa HealthCare and Agfa Specialty Products, and its parent company is based in Mortsel, Belgium.
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
GlobeSt.com Commercial Real Estate News and Property Resource
Last updated: June 23, 2006 01:31pm
Agfa-Gevaert Signs 88,000-SF Renewal
By Eric Peterson
RIDGEFIELD PARK, NJ-Agfa-Gevaert Group has renewed its lease for a total of 88,147 sf of office space at 100 Challenger Rd. here. The Hartz Mountain Industries-owned building is within that company’s Overpeck Centre, a multi-building corporate campus.
The signing also marks two decades of Agfa’s occupancy of the building. Terms of the lease were not disclosed.
"Lease renewals are becoming the sign of a tightening market," says Emanuel Stern, president and COO of the Secaucus, NJ-based Hartz. "New activity in the Northern New Jersey marketplace has been moderately strong, and as a result of the improving occupancy, existing tenants in the market are left with few local options. Ultimately, we may see this becoming a more dominant force that will continue to drive leasing rates."
The building at 100 Challenger Rd. is virtually leased up, and Hartz is focusing on the 61,000 sf that remains available at the neighboring building at 65 Challenger Rd. The latter, at 167,000 sf, is similarly sized as 100 Challenger Rd. The 60-acre Overpeck Centre, meanwhile, has a build-out capability of about one million sf, and current major tenants besides Agfa-Gevaert include Summit Bank, Daewoo, Samsung and Degussa. A Hilton Garden hotel is slated to open within the campus in the spring of 2007.
The Agfa-Gevaert Group develops, produces and distributes a range of analog and digital imaging systems and IT solutions, primarily for the printing industry and the health care sector. Its business groups are Agfa Graphics, Agfa HealthCare and Agfa Specialty Products, and its parent company is based in Mortsel, Belgium.
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
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