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Specialty chemical company takes a full floor at Class A, 433,945-SF commercial office building
PARSIPPANY, NJ, March 27, 2013 — Mountain Development Corp., Square Mile Capital Management LLC and Jones Lang LaSalle have completed a new transaction with Ashland Inc. for the entire fourth floor of 56 Livingston Avenue, a former Merck & Co. Inc. (Organon Pharmaceuticals USA Inc.) facility in Roseland, N.J.
The building owners, Mountain Development and Square Mile Capital Management, were represented by the JLL leasing team of Craig Eisenhardt, Jonathan Meisel, Robert Ryan and Peter Politi. The tenant, Ashland, was represented by Bryn Cinque and James Bailey of Colliers International.Ashland Specialty Ingredients, a commercial unit of Ashland, will occupy the entire fourth floor at 56 Livingston Avenue, also known as 56 at Roseland, which is located just off exit 5 on Interstate 280 adjacent to Becker Farm Road. The company will be relocating several functions from its existing campus location in Wayne.
“Ashland was working on a tight deadline to find ‘ready to go’ office space for employees who will be moving out of the Wayne campus,” said Meisel. “The fourth floor at 56 at Roseland was the ideal solution, as it offered the specialty chemical firm an entire floor of high-quality, contiguous office space that was furnished and equipped. The building is also easily accessible due to its close proximity to major highways and mass transportation systems.”
The four-story 56 Livingston Avenue was fully renovated as a corporate owned facility and has never been on the market for lease. Located on 56 acres of land, the building underwent an extensive multi-million renovation in 2001 under previous owner Merck & Co. Inc. Approximately 350,000 square feet of space remains available for lease at 56 Livingston Avenue, which offers a full amenity package for tenants and it is headquarters quality, befitting a global company such as Ashland.
The Class A office building is a qualifying location for the New Jersey Economic Development Authority’s Grow New Jersey Assistance Program. Amenities at 56 Livingston Avenue include an on-site full service café that can seat 1,400 people, fitness & cardio center, conference centers, and outdoor volleyball and basketball courts. The property also offers an 8,500-square-foot highly secure, Tier II+, raised floor data center complete with network operations center, technical support space and full generator back up. The building is fed by two 13.2 kv power lines from a recently upgraded PSE&G substation.
JLL is a leader in the New York tri-state commercial real estate market, with more than 1,750 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services. In 2011, the New York tri-state team completed approximately 15.9 million square feet in lease transactions, arranged capital markets transactions valued at $1.57 billion, managed projects valued at more than $6.8 billion, and oversaw a property and facilities management portfolio of 63.6 million square feet and an agency leasing portfolio of 49.8 million square feet.
About Mountain DevelopmentMountain Development Corp. (MDC) is a full-service real estate company with over thirty years of experience developing, acquiring, constructing, repositioning, managing, leasing and operating commercial property. MDC is an active acquirer of a broad range of opportunistic and value-added real estate investments capable of generating attractive, risk-adjusted returns for both its principals and equity partners. Active throughout the Northeast, MDC's accomplished staff includes in-house development, accounting, property management, construction, leasing and marketing professionals, enabling the company to operate autonomously and deliver expeditious, successful results.
Square Mile Capital Management LLCSquare Mile Capital Management LLC is a diversified real estate investment firm which focuses on sourcing and managing real estate and related equity, debt and hybrid investments on behalf of select institutional and private investors.
Square Mile takes a value oriented approach to its investment activities, with an emphasis on opportunities to acquire or capitalize assets or enterprises which are undervalued, overlooked, complex or mispriced.
About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. Its investment management business, LaSalle Investment Management, has $47.0 billion of real estate assets under management. For further information, visit www.jll.com.
George Shea, Mark Faris
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