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Andalex building complex on Trillion Dollar Mile.

The ANDALEX Group has broken ground on two Class A office buildings totaling 125,000 s/f at Sylvan Corporate Center, located on the Sylvan Avenue "Trillion Dollar Mile" in Englewood Cliffs, New Jersey.

Slated for completion in November 2007, the buildings will join two existing buildings--via a new, multistory central lobby--creating an approximately 260,000 s/f unified campus at Sylvan Corporate Center. Current tenants include Unilever, LG Electronics, and Affinity Direct.

The Manhattan-based developer has selected Newmark Knight Frank directors Frank D. Recine and Michael A. Tesser as exclusive leasing and marketing agents for the project.

"The completion of the campus will represent the first new development of speculative, corporate-quality space in Englewood Cliffs in over twenty-five years," said Recine who noted that "Englewood Cliffs currently maintains a 5% availability rate in existing Class A office buildings and has consistently outperformed the entire George Washington Bridge submarket, which currently has a 23% availability rate for existing Class A office space.

"ANDALEX'S decision to 'build on spec' demonstrates its confidence in the Englewood Cliff submarket and its belief that the market will welcome the introduction of a truly unique Class A multi-tenanted corporate campus."

Development of the new Class A properties is accompanied by a repositioning of Sylvan Corporate Center, according to Tesser.

"We are rebranding the entire project as a unified corporate campus environment," Tesser said. "The buildings will be joined by a dramatic, multi-story central lobby and will incorporate amenities such as an upgraded food service facility and fitness center, concierge services, and covered parking, accompanied by a landscaping effort that will enhance what is considered to be the most desirable corporate destination along the Trillion Dollar Mile."

The new buildings will each be two stories in height with distinctive architecture by HLW International LLP. The buildings have floorplates that can accommodate space increments up to 38,000 s/f for full-floor tenants. Management services will be provided by on-site personnel.
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Title Annotation:FINANCE
Publication:Real Estate Weekly
Date:Nov 15, 2006
Previous Article:C&W marketing Merrill Lynch campus.
Next Article:Pharmaceutical firm takes 67,000 s/f.

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