17-17 Route 208 North in Fair Lawn — Courtesy: Keystone Development + Investment
By Joshua Burd
Summit Health has leased more than 70,000 square feet for a new medical hub in Bergen County, taking space at a renovated building owned by Keystone Development + Investment.
The deal at 17-17 Route 208 North in Fair Lawn will allow the operator to consolidate multiple practices in the area, according to the landlord. The well-known multispecialty provider will occupy nearly half of the 143,000-square-foot property, bringing it to full occupancy, with the lease set to begin on July 1 and the new medical site slated to open in spring 2023.
Cushman & Wakefield’s Marc Rosenberg represented the tenant, while Sam Horowitz and Michael Tesser of Colliers represented ownership.
“Securing this kind of location makes it possible for Summit Health to expand upon the services currently offered,” said Steven Westort, Summit Health’s vice president for real estate development. “This strategic real estate initiative highlights Summit Health’s goal of providing unparalleled care for our patients.”
Keystone, which is based in Conshohocken, Pennsylvania, purchased 17-17 Route 208 in 2014 as part of a $230.8 million portfolio sold by the former Mack-Cali Realty Corp. It recently completed a multimillion-dollar renovation at the property, which included the addition of a new roof, parking lot and high-performance exterior coating, earning recognition from the Building Owners and Managers Association International.
With its new 70,594-square-foot location, Summit Health will benefit from the building’s quick access to the Garden State Parkway, Route 4 and Route 17, along with its proximity to the Fair Lawn Promenade.
“The thoughtful improvements we’ve made have created prompt demand for 17-17 Route 208 and this lease validates it as a premier location for a health care provider like Summit Health,” said Rich Gottlieb, Keystone’s president and chief operating officer.