Normandy notes bounce in business as renovation continues

Real Estate Weekly,  Oct 17, 2007  

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Normandy Real Estate Partners, one of the largest real estate owners and operators in the Boston to Washington, D.C. corridor, has announced five new lease transactions totaling over 16,000 s/f and two lease renewals totaling over 25,000 s/f have been completed at Continental Plaza, a three building Class A office complex totaling 650,000 s/f in Hackensack, New Jersey. Normandy is in the midst of a multimillion-dollar renovation program at Continental Plaza, which is expected to be completed by this fall. Renovations include exterior and interior improvements to all three towers. The Walsh Company LLC is managing the renovations.

"We are pleased to announced continued strong leasing activity at Continental Plaza," said William O'Keefe Jr., vice president of Normandy.

"With our extensive renovation plan underway, Normandy is committed to providing its tenants with the finest first-class working environment in Bergen County. Continental Plaza offers tenants the amenities, location and infrastructure that truly distinguish it from others in the region, and we look forward to welcoming more new tenants in the near future to our facility." Lease transactions recently consummated at Continental Plaza include: Desco Luxury (Maurice Lacroix North America) at 401 Hackensack Avenue; Slingo, Inc., Bienstock & Michael, P.C., Regen Biologics, Inc. and Advance Data Source LLC at 411 Hackensack Avenue.

Lease renewal transactions recently consummated include: Roth Staffing Companies, Inc. at 401 Hackensack Avenue; Parexel International Medical Marketing Services at 433 Hackensack Avenue.

Continental Plaza is located in the heart of Bergen County at the intersection of Route 4 and Hackensack Avenue in Hackensack. Located on 11.9 acres, the complex provides 650,000 square feet of Class A office space throughout three contemporary office towers. Onsite amenities include a conference center, 24-7 security, T.G.I. Friday's restaurant, dry cleaner, USPS substation, FedEx/UPS drop, full-service bank, cafeteria, Push Fitness Center and a multilevel and interconnected garage with parking for 2,500 vehicles. Continental Plaza is only five miles from the George Washington Bridge, just 15 minutes from midtown Manhattan and offers easy access to all major destinations throughout the state and the entire New York Metropolitan region.

Continental Plaza currently has approximately 100,000 s/f of space available throughout the three towers. Newmark Knight Frank managing director Frank D. Recine and executive managing director Timothy R. Greiner are the exclusive leasing agents for this facility.

Normandy Real Estate Partners, LLC has invested over $1 billion of equity totaling approximately $4 billion in asset value.

The firm recently closed on its current discretionary real estate fund, Normandy Real Estate Fund, L.P., with projected total purchasing power of approximately $1.8 billion.

Targeting the northeast and mid-Atlantic markets of Boston, Metro New York City, Northern New Jersey, Philadelphia, and Metro Washington D.C., Normandy pursues property investments of all types where opportunities exist to enhance value.

COPYRIGHT 2007 Hagedorn Publication
COPYRIGHT 2008 Gale, Cengage Learning