JLL completes lease for ID Systems in Woodcliff Lake, NJ
Wireless logistics tracking company renews for a total of 15,486 square feet of space
WOODCLIFF LAKE, N.J., August 20, 2020 — JLL has completed a renewal lease in Woodcliff Lake, N.J., for ID Systems, a wireless logistics tracking company. ID Systems, which operates as PowerFleet® Inc., has signed a long-term lease extension for 15,486 square feet of space at 123 Tice Boulevard.
Scott Lesh and Andrew Zezas, managing directors, and Derek DeMartino, senior vice president, of JLL, represented the tenant in the transaction. Garrett Rioux, first vice president of CBRE, represented property owner Vision Properties.
PowerFleet® Inc. (NASDAQ: PWFL; TASE: PWFL) is a provider of subscription-based wireless IoT and M2M solutions for securing, controlling, tracking, and managing high-value enterprise assets such as industrial trucks, tractor trailers, containers, cargo, and vehicles and truck fleets.
“We were pleased to structure a lease that reduced the tenant’s footprint by more than 25 percent, reducing costs while also securing improvements to enhance the workplace environment,” said DeMartino. “Negotiating a beneficial lease in current crisis helped to position the company for further success.”
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.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Signature Acquisitions
Since its beginnings in 2003, Signature Acquisition has acquired more than $300 million in asset value and more than 3 million square feet throughout the Northeast. In recent years, the firm shed many of the non-strategic assets and concentrated the majority of acquisitions on Class-A office buildings, primarily in Suburban New Jersey and Long Island, New York.