500 North Franklin Turnpike in Ramsey — Courtesy: Avison Young
By Joshua Burd
Five tenants have leased a combined 11,600 square feet at a Ramsey office building once anchored by UPS, whose new owner is now upgrading the 139,000-square-foot property.
Brokers with Avison Young and their client, Highstone Equity Group, announced the new leases at 500 North Franklin Turnpike. The new tenants include Mountainside Treatment Center, Opulence Funding, Senior Solutions Group, The Marchese Group and WWEX, adding to the mix of businesses at the complex.
Avison Young senior vice presidents Marc S Krieger and Steven Geltzeiler represented Highstone in the deals.
The activity comes a year after the real estate investment firm acquired and sought to reposition the building. At the time, the property was about 50 percent vacant due to the departure of UPS, which had moved to a new technology complex in Parsippany.
“UPS occupied the entire top floor of approximately 68,000 square feet of 500 North Franklin Turnpike and the prior owners weren’t prepared to update the building or the floor to attract new tenants,” said Elazar Hamel, Highstone’s founder and principal. “The building has great bones.”
The building’s existing features include covered executive parking, an overall parking ratio of five to one and an on-site café with indoor and outdoor seating in an open-air courtyard, according to a news release. Avison Young also touted its walkability to nearby eateries, services and NJ Transit’s Ramsey train station.
Highstone has already replaced all rooftop HVAC equipment and the associated building management systems. The firm has also resurfaced the roof and is installing solar panels, Hamel said, while upgrading common areas including the elevators, bathrooms, lobbies and hallways.
Krieger was retained by Highstone to market the vacant space after having represented prior ownership for some 10 years.
“Highstone’s plans for the property are spot on,” Krieger said, later adding: “These are all important improvements to keep the property competitive, but perhaps the most important investment ownership is making is the construction of an amenity center for tenants that will include a large conference room, a lounge, a fitness center and co-working spaces that can be rented on a short-term basis.”