1099 Wall Street West in Lyndhurst — Courtesy: Bergman Real Estate Group
By Joshua Burd
Bergman Real Estate Group has inked more than 30 leases at a Lyndhurst office building since acquiring it last year, driving up occupancy at the 120,000-square-foot property.
The transactions at the newly renovated 1099 Wall Street West total 58,000 square feet, including 13 new leases and 17 renewals, the privately owned real estate investment firm said. The leases range from 800 square feet to 8,000 square feet.
In a news release, Bergman said the activity has brought occupancy at the building to 75 percent, up from 50 percent in April 2016 when the firm acquired it from a private equity fund. The 13 newly inked leases total 30,500 square feet, while the renewals total 27,500 square feet.
“The combination of the attractive rental rates, a spectacular Meadowlands location and our ability to accommodate smaller-sized offices has drawn a lot of attention to 1099 Wall Street West,” said Isabel Freire, assistant director of leasing and marketing for Bergman Real Estate Group. “Our ownership has brought new energy, made numerous capital improvements and promotes a ‘tenants-first’ philosophy, which makes it such an attractive and appealing office facility.”
The building offers direct access to routes 3 and 17 and is within minutes of the New Jersey Turnpike and the Garden State Parkway, the news release said. Bergman also touted its location less than 10 miles from Midtown Manhattan and accessibility via NJ Transit bus service directly in front of the building, along with train service at the nearby Kingsland station.
“We have an amazing location right by all the major thoroughfares with direct access to Manhattan,” Freire said. “We have a lot of units that can accommodate smaller to medium space users, which fills a void in the market. And we have a really good, responsive team and deliver finished space to a tenant in as fast as two weeks.”
Bergman Real Estate Group has made significant improvements to the property since its acquisition in an attempt to create an appealing, modern and relaxing environment for tenants. The Woodbridge-based firm is also adding a new café and seating, a tenant lounge and game room and a conference room and training center to accommodate up to 30 people.
“Our primary goal was to reposition the property by investing in the building and making substantial improvements to keep our current tenant base happy and attract new tenants,” CEO and President Michael Bergman said. “We’ve renovated all the common areas and corridors, replaced all the carpeting, updated all the bathrooms, added new lobby furniture, enhanced the landscaping and improved the signage so visitors can better navigate the building’s three wings.”
The new spaces are slated to open later this year.
“These new amenities demonstrate the commitment of our new ownership.” Bergman said. “They’re going to be a fantastic addition and really enhance the building’s overall appeal to our existing tenant base and new tenants, alike.”
