North Market in Montvale, NJ, Secures First New Office Lease with Beattie Padovano Law firm inks 12-year lease for 20,000 square feet of office space at The S.Hekemian Group’s under-construction, mixed-use urban district
A new lease transaction has been completed between developer and building owner The S.Hekemian Group and Beattie Padovano LLC at North Market, a mixed-use urban district on Mercedes Drive in Montvale, N.J. The law firm signed a lease for 20,000 square feet of space at Workplace North Market, a Class A, 52,000-square-foot mixed-use office and retail building.
The S.Hekemian Group was represented by Frank D. Recine, executive managing director at JLL. Beattie Padovano was represented in house.
“Workplace North market is a soon-to-be-constructed office building that will offer a sophisticated, modern atmosphere in which businesses can thrive,” said Recine. “The brand-new building pairs dynamic contemporary architecture and loft ceiling heights with visually desirable materials — corrugated metal, spanning plate glass windows, exposed ceilings, and more. It offers a unique environment only afforded by new construction.”
"Combine the design of the building with the cool, new, mixed-use district of North Market, and you're really part of something dynamic and special,” added Recine. “North Market is bringing the feel of a city neighborhood to the suburban Montvale submarket."
Beattie Padovano signed a 12-year lease for 20,000 square feet and will occupy the entire fourth floor and a portion of the third floor of Workplace North Market, which is located between West Grand Avenue and Philips Parkway in Montvale. The law firm is relocating to the building from nearby 50 Chestnut Ridge Road in Montvale.
The new four-story building, located at 200 Market Street, will include 40,500 square feet of office space on the second through fourth floors, and 11,500 square feet of retail on the ground floor. The mixed-use building is expected to be completed in the fourth quarter of 2020.
Workplace North Market is new project launched by The S.Hekemian Group on the sites of the former North American headquarters for Mercedes-Benz USA and historic DePiero Farm in Montvale. The under construction, mixed-use development is located just off Exit 172 of the Garden State Parkway.
The walkable, urban district includes a total of 302,500 square feet of retail space (71,500 available), 308 residential units, up to 91,300 square feet of office space, and Bergen County’s first-of-its-kind luxury boutique hotel – Tapestry by Hilton – with 133 rooms. The Farm, phase one of the project, which was built on the former site of DePiero Farm, encompasses half of North Market. It features a unique retail shopping experience anchored by northern New Jersey’s first Wegmans, and 20 other eateries, retailers, and fitness studios, including best-in-class names such as Lululemon, Starbucks, and Ulta Beauty. The entire complex is surrounded by best-in-class retail and premier organizations, such as KPMG, BMW, Life Time Fitness, Memorial Sloan Kettering, and more.
JLL is a leader in the northern/central New Jersey commercial real estate market, with more than 1,000 professionals and support staff providing agency leasing and property marketing, tenant representation, industrial services, strategic consulting, occupancy planning, workplace strategies, project and development services, property and facility management, and investment sales/capital markets services to New Jersey's leading corporate tenants, investors, and landlords. The firm, which assists clients from three full-service offices in Parsippany, Iselin (Metropark), and East Rutherford, also acts as a local service provider for JLL’s global and national corporate clients in need of real estate assistance in New Jersey. JLL’s New Jersey operations were honored by NJBiz magazine as one of its 2015 Best Places to Work in New Jersey.
About The S.Hekemian Group LLC
The S.Hekemian Group (SHG) develops high-quality, highly-finished real estate for long-term ownership. With over 90 years as one of the country’s most stable property owners and developers, our significant and highly selective portfolio includes luxury residential, office, mixed use, retail/lifestyle, and industrial properties located in the strongest demographic areas of New Jersey, the Northeast United States, and California. We own assets both in the private form and also through the First Real Estate Investment Trust of NJ, a publicly-traded REIT (trading under the ticker symbol “FREVS”), of which the Hekemian family was a founding member.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
