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News release

EAST RUTHERFORD, NJ

JLL Completes Lease-Up of Office Space at Valley & Bloom in Montclair, NJ

Regus takes 13,500 SF, Sothesby’s International signs for 6,500 SF; transactions complete 100% lease-up of 20,000 SF of Class A office space at project


EAST RUTHERFORD, N.J., January 22, 2016 — JLL has completed two new transactions at Valley & Bloom, a newly constructed, mixed-use community at 638 Bloomfield Avenue in Montclair, N.J. Regus took 13,500 square feet and Sotheby's International Realty Affiliates LLC signed for 6,500 square feet, fully leasing the 20,000-square-foot office component of the property.

JLL was tapped by co-developers LCOR and The Pinnacle Cos. to serve as exclusive leasing agent for the office portion of the mixed-use development. LCOR, the building’s owner, was represented in both transactions by Jonathan Meisel, managing director, and Fred Hyatt, vice president, both with JLL. The team worked closely with James Driscoll, senior vice president, with LCOR.

“The property represents a unique offering for New Jersey that combines office, retail and residential space in a suburban transit-oriented development,” said Meisel. “Valley & Bloom is a unique and special project that offered new construction in a cool downtown area that truly has a ‘vibe’ to it. The interest in the project, from the get-go, was tremendous.”

Regus inked a 10-plus-year lease for 13,500 square feet of office space and will occupy the majority of the first floor at Valley & Bloom. The global workplace provider is opening its first Montclair location at the mixed-use development. The firm was represented by Derek DeMartino, vice president, with JLL.

Sotheby's International Realty Affiliates LLC signed a 10-plus-year lease for 6,500 square feet of office space and will occupy the remainder of the office space on the first floor of the mixed-use property. The residential brokerage firm is opening its first Montclair location at Valley & Bloom. The firm was represented by Eileen Sheehan, real estate associate, with Essex Realty Advisors.

Valley & Bloom is located at 638 Bloomfield Avenue at the intersection of Orange Road, Bloomfield Avenue and Valley Road. The project is the first phase of Montclair Township’s Gateway Redevelopment Plan, which was created to foster mixed-use and smart growth redevelopment. Valley & Bloom will comprise two buildings that will include a total of 258 apartments ranging from studio to two-bedroom layouts, approximately 20,000 square feet of office space, 21,372 square feet of retail space and 571 parking spaces.

LCOR broke ground on the first building of Valley & Bloom in November 2013 and completed construction of Building 1, which includes the office space, in early fall 2015, and is projecting completion of Building 2, which includes the retail space, in winter 2016. Office tenants at Valley & Bloom will have access to an array of top-of-the-line amenities that include a fitness center with showers and a separate room for dance or yoga, bike storage and a parking garage with a state-of-the-art stacking system. In addition, the residential component will feature a resident lounge with Wi-Fi, a gaming area, a children’s playroom and a total of four landscaped outdoor spaces, including two roof deck spaces and two interior courtyards.

Designed for Leadership in Energy & Environmental Design certification, Valley & Bloom will feature a number of sustainable design elements including homes with Energy Star appliances, specially insulated Energy Star windows and water use reduction for kitchen and bath fixtures including low-flow toilets, specially designed dishwashers and shower heads. Additional green features include on-site renewable energy sources; green roofs with plantings that reduce energy costs, assist in rainwater collection and reduce air pollution; solar panels on the garage rooftop providing a renewable source of electricity for project, a non-smoking building policy; and access to Montclair’s public transportation options.

Valley & Bloom is located within one mile of two NJ Transit commuter rail stations offering direct service to Midtown Manhattan. The mixed-use community is a few blocks from Montclair Center, the township’s main business district at the intersection of Bloomfield Avenue, South Fullerton Avenue, Glen Ridge Avenue and Church Street. Also known as the Six Corners, the area boasts the top restaurants, shopping and entertainment. Valley & Bloom is two blocks away from The Montclair Art Museum and close to Montclair State University, a diverse liberal arts university with nearly 20,000 students.

JLL is a leader in the northern/central New Jersey commercial real estate market, with more than 1,000 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 services to New Jersey's leading corporate tenants, investors and landlords. The firm, which assists clients from three full-service offices in Parsippany, Iselin (Metropark) 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. JLL’s New Jersey operations were honored by NJBiz magazine as one of its 2015 Best Places to Work in New Jersey.

About Regus
Regus is a global workplace provider. Its network of more than 2,500 business centres in 106 countries provides convenient, high-quality, fully serviced spaces for people to work, whether for a few minutes or a few years. Companies like Google, Toshiba and GlaxoSmithKline choose Regus so that they can work flexibly and make their businesses more successful.

About Sotheby’s International Realty Affiliates LLC
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. Sotheby’s International Realty Affiliates LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. In February 2004, Realogy entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744.

About JLL
JLL (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. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $57.2 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.