JLL completes transaction on behalf of developer The S. Hekemian Group
On behalf of The S. Hekemian Group, JLLhas completed a 60,000squarefoot lease with Valley Health System at The S. Hekemian Group-owned North Market, a mixed-use development in Bergen County, NJ.
The S.Hekemian Group (SHG) will create a modern Class A medical office building for Valley Health Systems as part of a new 86,000squarefoot building that will include 26,000 square feet of ground-floor Class A retail space.
The property is located at North Market in Montvale, and construction is expected to get underway in the fall of 2023. It will be the second office building to rise on the site following last year’s opening of a 52,000squarefoot office building at 200 Market Street.
The North Market development is a 32-acre redevelopment of the former Mercedes-Benz USA headquarters, which now includes a 52,000 square feethigh-end boutique office space, 308 rental apartments and the soon-to-be-built new development. North Market is adjacent to the 26-acre Shoppes at DePiero Farm, a project also developed and owned by SHG. Shoppes at DePiero Farm is anchored by Wegmans and consist of 66,000 square feet of lifestyle retail.
“Valley Health System’s commitment to the property validates the success of our effort to create a dynamic neighborhood experience in North Market,” said Peter Hekemian, senior managing director of SHG. “Joining one of the premier, high-visibility projects in northern Bergen County is a powerful opportunity for the Valley Health System brand, and we are excited to welcome an organization of this caliber to the property.”
SHG was represented by Frank D. Recine, executive managing director at JLL. Valley Health System was represented by vice chairman Robert Rudin, and senior director Peter Hamburger, both with Cushman & Wakefield.
“Peter Hekemian’s vision for The Shoppes at DePiero and North Market has been realized in a transformative project in Northern Bergen County,” said Recine. “Valley Health System, SHG and the Township of Montvale, collaborated in a partnership that facilitated the development of this new, state-of-the-art, built-to-suite office building.”
JLL is a leader in the northern/central New Jersey commercial real estate market, with more than 1,260 professionals and support staff providing agency leasing and property marketing, tenant representation, industrial services, strategic consulting, occupancy planning, workplace strategies, project and development services, property and facility management, and investment sales/capital markets debt and equity services to New Jersey’s leading corporate tenants, investors and landlords. The firm, which assists clients from five full-service offices in Parsippany, Iselin (Metropark), Princeton, Morristown and East Rutherford, also acts as a local service provider for JLL’s global and national corporate clients in need of real estate assistance in New Jersey. NJBiz ranked JLL’s New Jersey operations as the No. 1 commercial real estate brokerage in the Garden State in 2020.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.For further information, visit jll.com.
