{"id":1004573656,"date":"2022-03-29T03:45:31","date_gmt":"2022-03-29T11:45:31","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004573656"},"modified":"2022-12-07T17:52:14","modified_gmt":"2022-12-08T01:52:14","slug":"150-ksf-nj-office-asset-maxes-out-with-new-lease","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/150-ksf-nj-office-asset-maxes-out-with-new-lease\/","title":{"rendered":"150 KSF NJ Office Asset Maxes Out With New Lease"},"content":{"rendered":"
\"Keystone<\/a>

17-17 Route 208 North. Image courtesy of Keystone Development + Investment<\/p><\/div>\n

Keystone Development + Investment<\/strong> has inked a deal with Summit Health<\/strong> for the health-care network to occupy nearly half of 17-17 Route 208 North, an approximately 150,000-square-foot office property in Fair Lawn, N.J. Summit Health signed a lease for roughly 70,600 square feet, bringing the occupancy level at the Class A office building to 100 percent.<\/p>\n

Leasing an office building up to maximum capacity in Northern New Jersey is no simple feat in the pandemic era, when the average direct vacancy rate, according to research from a fourth quarter 2021 Colliers report, continues to exceed 20 percent. However, 17-17 has a not-so-secret secret or two.<\/p>\n

\n

READ ALSO<\/strong>: Medical Office Buildings Remain Resilient<\/a><\/p>\n

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“The property is perfectly positioned between both suburban and urban environments, with easy public transportation and driving access,” Randy Johnson, regional director with Keystone Development + Investment, told Commercial Property Executive<\/em>. <\/p>\n

Located in the Bergen County submarket, 17-17 sits within roughly 12 miles of the George Washington Bridge and within close proximity of rail stations providing easy access to Manhattan. Keystone has owned the three-story property since 2014, when it acquired the asset from Mack-Cali Realty<\/strong> for approximately $12.5 million as part of a $230.8 million, multi-state portfolio transaction. Soon after the acquisition, Keystone upgraded 17-17, originally developed in 1987, with the addition of such amenities as an on-site cafeteria. More recently, the company submitted the property to a multimillion-dollar renovation program that yielded a bevy of updates.<\/p>\n

Second acts<\/strong><\/h2>\n

Now, Keystone has another vision for 17-17, and Summit Health will play a big role in the endeavor. “Right now, we have approximately 12 tenants at 17-17 Route 208 North, a medical office conversion with plans to be fully converted over time,” Johnson said.<\/p>\n

The demand for medical office space is quite strong in Northern New Jersey, as evidenced by activity in the traditional office market. Following Atlantic Health Systems’ 533,000-square-foot, office and medical office lease renewal and expansion in Morristown<\/a> in mid-2021, one of the largest leasing transactions of its kind to close in the Garden State in years, deals involving medical tenants taking traditional office space continued to crop up regularly.<\/p>\n

Recently, in the fourth quarter of 2021, Englewood Health<\/strong> committed to approximately 50,700 square feet at 910 Sylvan Ave., part of the Sylvan Corporate Center office complex in Englewood Cliffs.<\/p>\n

“While many occupiers are contemplating their future space needs, the health-care and life science industries are expanding in New Jersey as the focus on human health and wellness persists. Health-care systems looking to expand have taken major blocks of vacant space in traditional corporate office buildings,” according to the Colliers report. <\/p>\n

Summit Health’s lease at 17-17 will commence on July 1, 2022, and the health-care network will open the new medical location in the second quarter of 2023. Colliers’ Sam Horowitz and Michael Tesser represented Keystone in the lease transaction, while Cushman & Wakefield<\/strong>‘s Marc Rosenberg stood in for Summit Health. <\/p>\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Despite the market’s challenges, Keystone Development + Investment has brought the Class A building in Fair Lawn to full occupancy.<\/p>\n","protected":false},"author":969,"featured_media":1004573685,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21808,21742,10,21747],"tags":[35498,32799,33554],"class_list":["post-1004573656","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-featured","category-latest","category-northeast","category-office","tag-colliers","tag-cushman-wakefield","tag-mack-cali-realty-corporation"],"acf":[],"yoast_head":"\n150 KSF NJ Office Asset Maxes Out With New Lease - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Keystone Development + Investment inked a deal with Summit Health, which will occupy nearly half of 17-17 Route 208 North in Fair Lawn, N.J.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/150-ksf-nj-office-asset-maxes-out-with-new-lease\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"150 KSF NJ Office Asset Maxes Out With New Lease\" \/>\n<meta property=\"og:description\" content=\"Keystone Development + Investment inked a deal with Summit Health, which will occupy nearly half of 17-17 Route 208 North in Fair Lawn, N.J.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/150-ksf-nj-office-asset-maxes-out-with-new-lease\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-29T11:45:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T01:52:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/03\/17-17-Route-208-North-Fair-Lawn-N.J.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/150-ksf-nj-office-asset-maxes-out-with-new-lease\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/150-ksf-nj-office-asset-maxes-out-with-new-lease\\\/\"},\"author\":{\"name\":\"Barbra Murray\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/d1edda962dd3af55af8a203870f9fc32\"},\"headline\":\"150 KSF NJ Office Asset Maxes Out With New Lease\",\"datePublished\":\"2022-03-29T11:45:31+00:00\",\"dateModified\":\"2022-12-08T01:52:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/150-ksf-nj-office-asset-maxes-out-with-new-lease\\\/\"},\"wordCount\":499,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/150-ksf-nj-office-asset-maxes-out-with-new-lease\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2022\\\/03\\\/17-17-Route-208-North-Fair-Lawn-N.J.jpg\",\"keywords\":[\"Colliers\",\"Cushman & Wakefield\",\"Mack-Cali Realty Corporation\"],\"articleSection\":[\"Brokerage\",\"Featured\",\"News\",\"Northeast\",\"Office\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/150-ksf-nj-office-asset-maxes-out-with-new-lease\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/150-ksf-nj-office-asset-maxes-out-with-new-lease\\\/\",\"name\":\"150 KSF NJ Office Asset Maxes Out With New Lease - 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