KABR Appoints Cushman & Wakefield as Exclusive Leasing Agent for 85 Challenger

By admin • August 16, 2009

Prime Bergen County Office Property Offers Easy Access to New York and Great Signage Opportunities to Tenants Looking for 5,000 to 200,000 Square Feet

RIDGEFIELD PARK, N.J., July 23, 2009 – KABR Real Estate Investment Partners, a value fund dedicated to the timely and opportunistic purchase of select real estate assets in the New York metro area, announced today that it has appointed Cushman & Wakefield, Inc. as the exclusive leasing agent for the high-profile centrally located 85 Challenger Road in Ridgefield Park, a Class A commercial office building.

Offering tremendous value and a superior location for tenants looking for Class A Northern New Jersey office space, 85 Challenger Road has direct access to I-95/NJ Turnpike, Route 46 and I-80 and close proximity to the George Washington Bridge, Lincoln Tunnel, and Newark Airport, which are just minutes away from midtown Manhattan.

The Class A office building, which has potential naming rights to its two rooftop signs that is seen by more than 160,000 cars each day, provides a unique leasing opportunity for large and small tenant needs. In addition to the recent $1 million remodel of the lobby, KABR will be adding a new full-service cafeteria and updating the building’s common areas and elevator cabs.

“We were able to purchase 85 Challenger at more realistic 2009 pricing. As such, we believe that we are in a position to offer a fresh product at a greater value to tenants at other Class A properties,” said Kenneth Pasternak, chairman of KABR and a long-time real estate investor, as well as founder and retired CEO of Knight Trading. “KABR is confident that the quality of this asset and the expertise provided by this Cushman & Wakefield team will lead to great things.

He noted that 85 Challenger offers a public bus stop across the street, with service to the NYC Port Authority Terminal and many towns throughout Bergen County. The 60-acre Overpeck Centre, which serves as home to such notable firms as Bank of America, Samsung and AGFA, is the only office park in Northern New Jersey to have its own exit off the Turnpike.

The Cushman & Wakefield team is being led by Marc Trevisan, David DeMatteis and Jon Bianco of Cushman & Wakefield’s East Rutherford, N.J., office.

“This property has a historic occupancy rate of more than 90 percent,” Trevisan said. “It is a trophy asset with great branding and access.”

DeMatteis added that it also is positioned currently as a low-cost market alternative. “85 Challenger offers a flight to quality at the right price,” he said. “This building is class-competitive with the best product in Bergen County, and KABR is an aggressive landlord. It will be difficult for other properties to compete with what we can offer.”

The property is surrounded by dense, established housing providing access to a large labor pool, while also remaining convenient to the executive housing areas of northern Bergen County. Abundant area dining and retail, mass transit access and a new Hilton Garden Inn across the street, and a 22-acre county park within walking distance add to its appeal.
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About Cushman & Wakefield

About KABR
KABR Real Estate Investment Partners, LLC, founded in 2009, is dedicated to the timely and opportunistic purchase of select real estate assets in the New York metro region and South Florida. Its founders are experienced real estate professionals and proven entrepreneurs. They currently own and operate a diverse portfolio of properties in several states that have exhibited stellar returns. Investments targeted by KABR lend themselves to significant further enhancement via detailed and value-oriented management. The firm aims to financially re-leverage the appreciated properties and reinvest the cash flow to acquire additional assets. For more information, go to www.kabrgroup.com.