Wachovia signs lease for 19,000 s/f at Paramus Center

Real Estate Weekly, June 14, 2006

Wachovia Corporation's Wealth Management division signed a lease for approximately 19,000 s/f of space at the Paramus Corporate Center, 95 Route 17 South in Paramus, N.J. Jeffrey A. Prezant, CCIM, and Gerri O'Dell, directors of Cushman & Wakefield, East Rutherford, N.J. office, represented the landlord, Gabrellian Associates. Cushman & Wakefield is exclusive leasing agent for the building. Wachovia was represented by Paul Giannone of Newmark Knight Frank.

Wachovia Wealth Management delivers integrated financial products and services to wealth clients through a team-based model, coordinated by a dedicated relationship manager who is attuned to the needs of the client. Locally based teams give Wachovia Wealth Management a competitive advantage, with more than 50 teams located within about an hour of most major Metropolitan Statistical Areas throughout the East Coast, from Massachusetts to Florida, and west to Alabama and Texas. Their holistic approach includes private banking and credit services; debt solutions; investment management; financial and tax planning; trust and estate planning and administration; charitable services and insurance solutions delivered in an integrated manner based on each client's needs and preferences. Investment offerings include alternative investments such as private equity funds, hedge funds and exchange funds. Other specialties include risk management services, family office services, family governance and stewardship consulting, marine and aircraft financing, and retirement and benefits services. This Wachovia Wealth Management office is being relocated from its former site on Harristown Road in Glen Rock.

"Tenants such as Wachovia Wealth Management are moving into the Paramus Corporate Center, seeking the amenities offered by a Class A office building and the visibility it affords them on heavily trafficked Route 17," noted Prezant. "This lease signing brings the building up to 96% occupancy."

The Paramus Corporate Center underwent a recent renovation converting it to Class A status. The building offers covered parking, a new cafeteria, upgraded common spaces and elevators, and onsite management.

"The building's ownership is extremely stable and attentive to their tenants' needs," said Prezant. "Quality is very important to them, resulting in a high level of tenant satisfaction."