Saddle River, NJ — Avison Young announced a 105,959 s/f, full-building lease with pharmaceutical billing software company MedAssets, Inc. at Saddle River Executive Center, a class A office property at 1 Rte. 17.
The Avison Young team of principal William McCaffrey and senior vice presidents Marc Krieger and Steven Getzeiler oversaw the transaction on behalf of Madison Core Property Fund (MCPF), a real estate fund managed by New York Life Real Estate Investors, while John Flack and James Scancarella of Cresa represented MedAssets, which is headquartered in Georgia.
“MedAssets, which started out as a subtenant at Saddle River Executive Center, has continued to expand in recent years, leasing direct space and subleasing additional space at the building,” said Dennis Morris, director at New York Life Real Estate Investors.
“While there are some large companies leaving the state and relocating to New Jersey’s urban locales, there are still significant deals occurring in the suburbs, especially in Bergen County,” said McCaffrey. “But to succeed, It’s integral that property owners implement a service platform that fits their needs in terms of correctly repositioning assets in what has become an extremely competitive marketplace.”