CBRE announced that it has arranged a 37,000-square-foot full-floor office lease with Rising Pharmaceuticals, Inc., which has relocated its global headquarters to Plaza I of Park 80 West in Saddle Brook.
The CBRE team of Cheryl Hardt and Donald Sperling serves as the exclusive leasing agent for Park 80 West on behalf of CBRE Strategic Partners U.S. Value 7, a fund sponsored by CBRE Global Investors that owns the property. Rising Pharmaceuticals was represented by Ben Brenner and Todd Efland of Cushman & Wakefield in the transaction.
“We’re thrilled that Rising Pharmaceuticals has selected Park 80 West as its global headquarters, following its extensive multimarket search,” said Mark Zikakis, Senior Managing Director, CBRE Global Investors. “This world-class company’s commitment to Park 80 West is a testament to the community that we’ve created here since re-introducing the property to the Northern New Jersey market. Our team has worked hard to create a truly cutting-edge environment that helps our tenants attract and retain great talent.”
Earlier this year, CBRE Global Investors completed $11 million in capital improvements at Park 80 West, two world-class office buildings totaling more than 511,600 square feet. As part of its capital improvements program, the property underwent a wide range of interior renovations designed by Gensler, which includes the implementation of modern finishes and new branding, as well as exterior upgrades designed by G3 Architecture.
The improvements include a new façade and framing on the exterior of Plaza I – notably, with the addition of double-pane windows; new LED lighting throughout the property; an upgraded management office; and improved access between the buildings and parking garage. Further, CBRE Global Investors has implemented its proprietary 5-Star Worldwide service and amenity program at the property, which includes collaborative lounge spaces, a multi-purpose meeting room and a full-service catering kitchen, as well as a new “5-Star Fit” facility, with new athletic equipment, a group fitness studio and locker room facilities.
Ms. Hardt of CBRE added: “CBRE Global Investors has demonstrated its commitment to maintaining Park 80 West’s status as a world-class office facility and, as a result, we’re seeing strengthened tenant commitment to the property. We’re excited to have Rising Pharmaceuticals join the Park 80 West community, and we expect to see continued tenant interest.”
CBRE Global Investors has also implemented a number of initiatives geared toward improving the overall work experience for employees located in the building. The building now offers free WiFi throughout its common spaces, as well as an enhanced food service with gourmet offerings, including a rotating schedule of indoor gourmet food trucks that serve the building every Tuesday and Thursday. In the new fitness center, employees working at Park 80 West can participate in a variety of fitness classes, including yoga, spin and self-defense classes, and personal trainers and masseuses are available on-site by appointment.
Mr. Sperling of CBRE commented: “The recent building improvements have significantly enhanced the work atmosphere and experience offered at Park 80 West, providing our tenants with a roster of the modern features and amenities that are sought after by today’s workforce.”
Beyond its on-site amenities, Park 80 West offers tenants an ideal location with immediate access to nearby retail hubs, including the Garden State Plaza and Riverside Mall, and to major thoroughfares, including Interstate 80 and the Garden State Parkway. In addition, the property is located less than 25 minutes from both Manhattan and Newark Liberty International Airport.