PNC relocates corporate office to Overlook Corporate Center
JLL represents landlord Theta Holding Company in two transactions totalling 32K-SF at one of New Jersey's premier office properties
Theta Holding Company, LP, and JLL announced that they have closed two office leasing transactions totalling 32,015 square feet at the amenity-rich Overlook Corporate Center in Little Falls, NJ.
PNC Bank has signed an 11-year lease for 26,117-square-feet of office space across the entire 10th floor of the property in a relocation from 1 Garret Mountain.
Meanwhile, Milliman, one of the world's largest independent actuarial and consulting firms, has renewed its commitment to the property for 10 years and reconfigured its space to occupy 5,898 square feet on the eighth floor.
A JLL agency team led by executive managing director Frank D. Recine, senior vice president, Derek DeMartino, and associate vice president Nicolas DeCotiis, represented the landlord. PNC was represented by David Simpson, Jeff Schotz and Peter Kasparian of Newmark; Milliman was represented by Brendan McBride, Matt Loughlin and Shaelyn Nuckel of JLL.
Ranked among New Jersey’s trophy corporate office properties, Overlook Corporate Center is situated on 18-acres of landscaped grounds at 150 Clove Road in Little Falls. Theta Holding Company completed a multi-million-dollar repositioning of the two connected towers — an 11-story main tower and a three-story convention center – which boast a luxurious lobby, cafeteria, executive conference room, fitness center, exterior terraces, covered parking, Wi-Fi access and onsite ownership and management. The facility has 24-hour gated security and a guard booth monitoring tenant-controlled gated access to parking decks. It also features independent computer monitoring of HVAC, life safety generator, building access and security.
Overlook Corporate Center sits at the crossroads of three major thoroughfares, providing rapid access to all points in Northern New Jersey and Manhattan. The Montclair State University train station and other mass transportation options are located within walking distance, and a complementary shuttle service is offered to tenants for added convenience.
“We continue to see powerful leasing momentum at Overlook Corporate Center thanks to hands-on management and the elevated tenant experience that the property provides,” said Recine. “As market bifurcation continues to drive a flight to quality, the property is well positioned to meet ongoing demand for top-quality product at a time when many companies are reassessing their office needs.”
Earlier this year, JLL negotiated an 18,529-square-foot lease for law firm Scarinci Hollenbeck, LLC at Overlook Corporate Center. The team is currently marketing availabilities catering to small and mid-size companies ranging from 1,500 square feet to 50,000 square feet.
A recent survey by JLL found that more employers are seeking the very best of space for their employees as they negotiate the post-COVID working environment. Over the past year, 65% of New Jersey office leases for space over 50,000 square feet were concentrated in what are considered the “premier” class buildings, such as Overlook Corporate Center. Vacancy has tightened in the sector while it has ticked up in the “regular” Class-A market.
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 $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.