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Korean firm moves HQ across Hudson River.

In a major New York-New Jersey relocation and one of the largest transactions in the New Jersey real estate market in this year, Dae Woo America, Inc. has purchased 85 Challenger Boulevard in the Overpeck Park complex in Ridgefield Park, New Jersey for its North American corporate headquarters.

Dae Woo, the North American arm of the Korean multinational corporation, was formerly headquartered at 437 Madison Avenue, according to Peter Riguardi, executive vice president of Koeppel Tener Riguardi, Inc. (KTR), the broker in the sale.

Dae Woo, while maintaining a Manhattan presence, joins a growing number of Korea's largest companies - Lucky Gold Star, Samsung and Hyundai - that in the past 12 months have created a concentrated headquarters presence by either developing their own buildings or purchasing buildings in the neighboring Northern New Jersey towns of Ridgefield Park, Fort Lee and Englewood, much like Japanese firms did a decade ago, observes Riguardi.

Dae Woo purchased the eight-story, 213,000-square-foot office building from Hartz Mountain, a Secaucus-based property development company, for $26 million. The building includes a three-story parking garage. Dae Woo also is consolidating space from Secaucus.

Koeppel Tener Riguardi will manage and lease the office building, which will have 58,000 square feet of space available.

Michael Gerla of KTR, who assisted in representing Dae Woo in the sale of the building, will coordinate the leasing program.
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Title Annotation:Daewoo International (America) Corp. acquires commercial space in New Jersey for North American corporate headquarters
Publication:Real Estate Weekly
Date:Nov 4, 1992
Words:226
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