240 Cedar Knolls Road in Cedar Knolls — file photo
By Joshua Burd
The owner of a 119,000-square-foot office building in Cedar Knolls has tapped Avison Young as its leasing agent, with plans to complete a series of upgrades in the coming months.
The real estate services firm on Wednesday announced the new assignment at Cedar Knolls Corporate Center, a four-story complex at 240 Cedar Knolls Road. The landlord, Highstone Equity Group, acquired the property last fall from MB1 Capital Partners.
Avison Young’s Marc S. Krieger and Steven Geltzeiler, both senior vice presidents in the firm’s Morristown office, are marketing the available space on behalf of the new ownership. The building was the second that Highstone acquired in New Jersey in 12 month, following its purchase of the Ramsey Office Centre in November 2017.
Located at 500 North Franklin Turnpike in Ramsey, the property was 50 percent occupied at the time. Highstone President Elazar Hamel retained Krieger to handle the leasing at the complex.
“We’ve already signed five leases and we are seeing an increased interest in the property by both prospective tenants and brokers” said Krieger, who is working with Avison Young Senior Vice President Steven Geltzeiler at both properties.
“I am very impressed with Mr. Hamel and his organization for their understanding and responsiveness to the marketplace and what it takes to make deals in suburban New Jersey office buildings today.”
Highstone has embarked on a series of improvements at 240 Cedar Knolls Road that have either been completed or are scheduled to be finished by the end of April, Avison Young said. Enhancements include renovated bathrooms and other common spaces, a renovated shared conference room on the fourth floor and a new elevator lobby with enhanced hallway finishes on the first floor, including a digital directory, wall and floor finishes.
The firm also plans to add new artwork and improved exterior landscaping, while resurfacing the parking lot and creating new building identity branding and signage.