Rutherford, NJ - The activity – involving new leases as well as renewals and expansions by existing tenants – comes amid an ongoing capital campaign at the two-building complex at 201/301 Route 17 North in Rutherford.
Curtis Foster and Jerry Shifrin of Cushman & Wakefield’s East Rutherford, N.J., office, head The Meadows leasing team. “Since acquiring this iconic Meadowlands property three years ago, the ownership has continued to invest significant capital to enhance tenant quality of life and create operational efficiencies,” Foster noted. “This effort, coupled with strong market demand, has resulted in a significant level of activity – especially considering the stabilized nature of this asset. Businesses look here because of the location. Companies lease here, and stay here, because they are happy with what they find.”
Shifrin added that the recent transactional volume has involved tenants across multiple industries – including real estate, healthcare, education, logistics, legal and others – with diverse size requirements. “One of the draws of this property is its ability to accommodate office users as small as 1,500 square feet, yet we have a variety of larger units available as well,” he said. “Everyone here benefits from a corporate-level amenities package that keeps getting better.” Current leasing opportunities include a number of pre-built “plug and play” offices.
To date, American Landmark Properties has incorporated expanded weekday shuttle service to Secaucus Junction Transfer Station as well as an electric-car charging station. Further, a comprehensive energy savings program, valued in excess of $2 million, is in the final stages of completion. This initiative features upgrades and replacements of systems to enhance tenant comfort and building efficiency while reducing energy costs and enhancing sustainability efforts. Additional lifestyle highlights include a fitness center, which is slated for renovation in 2020, along with a full-service cafeteria, conference center, daycare center, concierge desk with manned security, sundry shop, ATM and covered parking. The property also offers unobstructed views of the Manhattan skyline and an on-site Renaissance Hotel.
American Landmark Properties self-manages The Meadows and maintains a large on-site team. “We are a hands-on owner with a commitment to being visible at all of our properties,” said John Roeser, executive vice president. “The Meadowlands market offers all the benefits of an urban hub and unparalleled proximity to Manhattan, yet at a much lower price point. This is a huge advantage for tenants that want to attract and retain the best talent, while maintaining operational efficiency. Our goal is to offer an experience that meets these objectives and more.”
Located just eight miles from Manhattan, at the intersections of Route 3 and Route 17 in the heart of the Meadowlands submarket, The Meadows is one of Northern New Jersey’s few high-rise office towers outside of the Hudson Waterfront and the Newark CBD. According to Cushman & Wakefield Research Services, the Meadowlands boasts the third lowest Class A vacancy rate of the state’s major office submarkets. It currently sits at 13.3%, near a historically low level. The commercial real estate services firm anticipates persistent regional demand, particularly within assets that have undergone renovations.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.