Business Services Industry
Wellsford pre-lease goes for $110M
Real Estate Weekly, June 7, 2000
Wellsford Commercial Properties Trust (WCPT) announced that it has pre-leased its Morris Technology Center, a 257,000 square-foot office property under development in Parsippany, N.J., to New York Life Insurance Company for a 15-year term. The aggregate value of the lease is approximately $110 million.
Richard Previdi, president of WCPT, said, "Our corporate strategy is to acquire existing assets in infill locations and redevelop these properties into high quality, reasonably priced office buildings. Upon acquisition, Morris Technology Center was a 37-year-old warehouse complex. Upon redevelopment, it will be a Class A headquarters facility for one of the premier companies in the region."
Mark Schaevitz, COO of the Metro New York region for WCPT, added, "A pre-lease by a credit tenant of a speculative project is the ultimate compliment any real estate operator can receive. Our development, construction and management professionals look forward to meeting and exceeding New York Life's requirements."
Cushman & Wakefield represented both tenant and landlord in the transaction.
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