The deals represent 30 transactions conducted over the past 15 months
WOODBRIDGE, NJ, August 02, 2017 – Bergman Real Estate Group, a privately owned real estate investment firm that owns and manages office properties throughout New Jersey, today announced 58,000 SF of lease transactions including 13 new leases and 17 renewals since acquiring the newly-renovated 1099 Wall Street West, a 120,000-square-foot, three-story office building in Lyndhurst, New Jersey.
Bergman Real Estate Group acquired the office building from a private equity fund in April 2016. At the time of acquisition, the building was 50% leased and home to more than 30 companies. A little over a year later, 1099 Wall Street West is now 75% leased and home to 43 companies.
The leases range from 800 square feet to 8,000 square feet. The 13 newly-inked leases total 30,500 square feet, while the renewals total 27,500 square feet.
“The combination of the attractive rental rates, a spectacular Meadowlands location and our ability to accommodate smaller-sized offices has drawn a lot of attention to 1099 Wall Street West,” according to Isabel Freire, Assistant Director of Leasing and Marketing for Bergman Real Estate Group. “Our ownership has brought new energy, made numerous capital improvements and promotes a ‘tenants-first’ philosophy, which makes it such an attractive and appealing office facility.”
1099 Wall Street West offers direct access to Route 3 and 17 and is within minutes of the New Jersey Turnpike and the Garden State Parkway. The property is less than 10 miles from Midtown Manhattan and is easily accessible by NJ Transit bus service located directly in front of the building or by NJ Transit train via the Kingsland station located within one mile.
“We have an amazing location right by all the major thoroughfares with direct access to Manhattan,” Freire said. “We have a lot of units that can accommodate smaller to medium space users, which fills a void in the market. And we have a really good, responsive team and deliver finished space to a tenant in as fast as two weeks.”
Bergman Real Estate Group has made significant improvements to the property since its acquisition creating an “appealing, modern and relaxing” environment for new and renewing tenants alike.
“Our primary goal was to reposition the property by investing in the building and making substantial improvements to keep our current tenant base happy and attract new tenants,” explains Michael Bergman, President and Chief Executive Officer. “We’ve renovated all the common areas and corridors, replaced all the carpeting, updated all the bathrooms, added new lobby furniture, enhanced the landscaping and improved the signage so visitors can better navigate the building’s three wings.”
Bergman Real Estate Group has also made a company-wide commitment to upgrading all of their properties with the addition of a host of exciting new amenities.
In addition to all of the common area upgrades, Bergman is adding a new café and seating, a tenant lounge and game room, and a conference room/training center to accommodate up to 30 people scheduled to open later this year.
“These new amenities demonstrate the commitment of our new ownership.” Bergman said. “They’re going to be a fantastic addition and really enhance the building’s overall appeal to our existing tenant base and new tenants, alike.”
About Bergman Real Estate Group
Founded in 1988, Bergman Real Estate Group is a privately owned, full-service real estate investment and management company. With more than 28 years of history operating in New Jersey and other select markets, Bergman has earned a solid reputation as a reputable and trustworthy owner/manager. The company’s fully integrated platform includes acquisition, ownership, asset and property management, leasing and construction supervision. Bergman, which has built its success on acquiring and successfully repositioning underperforming properties, currently manages 17 office buildings comprising 1.8 million square feet.
