Print Media Giant Relocates HQ from North Bergen to Parsippany, N.J.
Commercial real estate services firm Cushman & Wakefield has completed two transactions for long-time client Hudson News Distributors, LLC, resulting in the relocation of the print media giant's wholesale/distribution headquarters from North Bergen to Parsippany, and an industrial leasing award from the Morris County Economic Development Corporation (MCEDC).
In North Bergen, Cushman & Wakefield arranged the multi-million-dollar sale of 5903 Westside Ave., Hudson News' long-time headquarters location. Bergen Logistics, a third-party logistics company, purchased the 475,000-square-foot, 23-acre property. Cushman & Wakefield's Bonni Heller, who has represented Hudson News in its real estate activities for nearly 20 years, orchestrated the transaction with support from colleagues Richard Baumstein, and Cushman & Wakefield Metropolitan Area Capital Markets Group team members Andrew Merin and Gary Gabriel - all based in the firm's East Rutherford, N.J., office.
At the same time it was marketing the sale opportunity, Cushman & Wakefield was tasked with identifying a smaller building to serve as Hudson News' new, streamlined wholesale/distribution headquarters. "My client had very specific criteria, and the assignment was further complicated by the need to structure a lease commitment in late 2013 that would be contingent upon the North Bergen sale - set to close in February 2014 - while providing an opportunity to move in immediately upon that closing," Heller said. "We focused on the Meadowlands and down the New Jersey Turnpike as far as Exit 8A, and ultimately headed west."
The search led to 701 Jefferson Road, a 135,000-square-foot former Coca-Cola distribution facility. Scott Perkins of NAI James E. Hansen, the property's owner, served as his company's in-house representative in negotiating the building's lease to Hudson News. "The Jefferson Road property is a perfect fit, offering ample parking, the right amount of office space and the ability for Hudson News to operate on a 24/7 basis," noted Heller, who represented Hudson News with support from Baumstein. "Scott was terrific. The timing had to be seamless, and his flexibility was instrumental in helping many moving parts fall into place."
The lease at 701 Jefferson Road was recognized by the MCEDC as Morris County's largest 2013 industrial lease. Heller and Perkins accepted the award at the organization's 22nd Annual Partners in Economic Development Awards Luncheon on.