JLL has completed a 7,000-square-foot lease at 500 North Franklin Turnpike, a 141,000-square-foot Class-A office building in Ramsey, New Jersey, on behalf of property owner Highstone Equity Group. Radius Global Solutions, a leading debt collection company with 14 offices nationally, signed a long-term lease for the partial third floor in the building.
Property Owner Highstone Equity Group, a New Jersey-based real estate investment firm, recently completed a capital improvement project for the three-story property, which was built in 1989. The renovations included the addition of a lounge area, conference facility, fitness center with a locker room and showers and an upgrade to all common areas including bathrooms. In addition, the building offers a unique common courtyard space in the center of the property with outdoor seating.
The JLL team representing the owner in the transaction included executive managing director Frank D. Recine; senior vice president Derek DeMartino, and associate vice president Colleen Maguire. The tenant was represented in-house.
500 North Franklin offers on-site parking for tenants, and is located in close proximity to several hotels, local dining and entertainment options in Ramsey. The property provides easy access to Ramsey’s NJ Transit station, I-287, I-87, and Route 17, and is near other New Jersey employment hubs, including Mahwah, Saddle River and Paramus.
“500 North Franklin offers market-leading amenities, abundant light from interior and exterior windows and a highly convenient location,” Recine said. “The Class-A property’s recent renovations and exposed common outdoor courtyard are ideal for companies seeking superior office space with ready access to highly educated employees.”
JLL is a leader in the northern/central New Jersey commercial real estate market, with more than 1,260 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 debt and equity services to New Jersey's leading corporate tenants, investors and landlords. The firm, which assists clients from five full-service offices in Parsippany, Iselin (Metropark), Princeton, Morristown 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. NJBiz ranked JLL’s New Jersey operations as the No. 1 commercial real estate brokerage in the Garden State in 2020.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Highstone Equity Group
Highstone Equity Group is a privately held real estate investment and management company. Highstone concentrates on acquiring and managing under-performing and tired buildings, and repositioning these assets into state-of-the-art, vibrant spaces that reflect the modern work environment. Highstone’s objective is to provide an unparalleled product with first-class service and amenities, to foster the productivity of our partners – the tenants.
