CUSHMAN & WAKEFIELD ARRANGES HEADQUARTERS LEASE RENEWAL FOR SPENCER SAVINGS BANK
Regional Financial Institution Re-ups in Place for 40,000 Square Feet
ELMWOOD PARK, N.J. – February 23, 2012 – (RealEstateRama) — Spencer Savings Bank has renewed its headquarters lease for 40,000 square feet at River Drive Center 3, 611 River Drive in Elmwood Park, announced commercial real estate firm Cushman & Wakefield, Inc. The tenant, a 70-year-old savings bank with 19 branches in Northern and Central New Jersey, has been headquartered at the site since 2002 and has renewed for another 10-year term.
“Based on today’s competitive market, we explored all of the options in the area,” said Harlan Hollander, who teamed with Walter Schoenberg and Peter Hamburger of Cushman & Wakefield’s East Rutherford, N.J. office; Maureen Kelly, Global-Consulting in the firm’s Midtown Manhattan office; and Eileen Carey, Client Solutions-East Rutherford to represent Spencer.
“Ultimately, because of geographic location, the ease of access, and the close proximity to the company’s clientele, it was determined that staying in place was the best option,” said Hollander.
“The existing location is situated along I-80 near the Garden State Parkway, with both building and highway signage,” said Schoenberg. “The location itself provided a very compelling reason to renew in place.”
611 River Drive is an 86,000-square-foot, four-story office building on four acres in western Bergen County. The class A building was completed in 2001.
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