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American Cyanamid signs for 100,000 square feet.

In what is believed to be the largest real estate transaction in Northern New Jersey this year, Mountain Development Corporation has signed American Cyanamid Company to a 100,000 square foot, 10-year lease (with options) of the entire building at 5 Garret Mountain Plaza in West Paterson, New Jersey.

Cyanamid is relocating its chemicals business from its Wayne, New Jersey headquarters, according to MDC president L. Robert Lieb, and will occupy all of 5 Garret as its headquarters. As part of the negotiation, Olin Hunt, an existing tenant, vacated its headquarters space at 5 Garret for a five-year, 28,000-square-foot lease at MDC's sister building, 3 Garret Mountain Plaza. The two buildings, both run by MDC, are now 100 percent leased.

Lieb recently formed a new entity, Warwick Mountain Realty Advisors, with Bruce L. Warwick, chairman of Warwick Associates, to extend this coverage and expertise throughout the tri-state area. Warwick Mountain Realty Advisors provides asset and property management, with a full range of consulting services for both institutional and private owners.

The Cyanamid transaction was negotiated by vice presidents Gerri O'Dell and Dan Loughlin of George Mintz Company, Inc., one of the leading real estate brokerage organizations in the New Jersey/New York metropolitan area.

As a part of the transaction, Smith Kline Beecham released 33,000 square feet at 3 Garret that it had previously vacated, and MDC was able to use that space for the relocations. MDC's team was directed by Tom Kelly, senior vice president of leasing and marketing; Alan Moore, senior vice president of operations; and Diane DeVita, chief financial officer. Because of MDC's aggressive relocation efforts and in-house construction capacity, Cyanamid will fully occupy the building before the end of 1992, says Kelly.
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Title Annotation:leases commercial space in West Paterson, New Jersey
Publication:Real Estate Weekly
Date:Oct 28, 1992
Previous Article:Non-profit purchases space.
Next Article:Sales open in Rockland for Hudson River condos.

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