80 Route 4 East in Paramus — Courtesy: NAI James E. Hanson
By Joshua Burd
A physical therapy practice is relocating its headquarters in Paramus, inking a lease for nearly 5,400 square feet near the busy intersection of routes 4 and 17.
Brokers with NAI James E. Hanson announced Thursday that they represented the tenant, Edge Physical Therapy & Sports Medicine LLC, in the 5,374-square-foot lease at 80 Route 4 East. Owned by Stanford Atrium Corp., the 168,000-square-foot office building is two miles from Edge’s former headquarters and will allow the practice to expand its services, while providing easy highway access and a host of retail and dining options.
NAI Hanson’s Darren Lizzack and Randy Horning completed the deal on behalf of the tenant. Cushman & Wakefield’s Curtis Foster and Jerry Shifrin represented the landlord in the transaction.
“We’ve seen a deliberate shift in medical office tenants’ space needs in recent years, with consolidation and enhanced service offerings serving as the primary drivers,” Lizzack said. “As a result, many providers have begun to rethink their real estate needs in order to reduce overhead while maintaining a competitive position in the marketplace. We were pleased to leverage our deep medical office expertise to help our client secure a new home that could accommodate their evolving space needs and ensure they can continue to provide quality service to their growing client base.”
Horning added, “The changing configurations of medical office space as a result of this trend are also creating opportunities for landlords to secure long-term leases with practice groups that require larger amounts of space. The higher construction costs associated with these more complex buildouts create stability for landlords, ensuring steady, long-term cash flow with high quality, recession-resistant tenants.”