Aeropostale Moves to SL Greenâ€™s 125 Chubb Way in Lyndhurst, NJ
70,000-Sq-Ft Deal is Largest Transaction Signed to Date Within the Meadowlands Submarket
Lyndhurst, NJ - April 2, 2012 -SL Green Realty Corp today announced that Aeropostale, the nationally-branded teen apparel retailer, has moved to 125 Chubb Way located in Lyndhurst, New Jersey, having signed a long-term, 68,949-square-foot lease at the Class-A property.
Relocating from its regional operations from Wayne, New Jersey, Aeropostale joins other blue chip tenants such as Barnes & Noble and Knowledgepoint360 Group.
The lease transaction is the largest closed to date in the Meadowlands submarket this year. It also is the second major deal between SL Green and Aeropostale in the past 24 months. In January 2010, SL Green announced that it had signed Aeropostale to a long-term lease at 1515 Broadway in New York City's Times Square, enabling the retailer to establish a flagship store at that fabled location.
"We're delighted to extend SL Green's relationship with one of the nation's premier retailers, providing them with attractive, highly functional and conveniently located office space in Northern New Jersey," said SL Green Senior Vice President and Senior Director John Barnes, who added that the building's superior technological infrastructure with access to back-up power, as well as its close proximity to mass transit enabling easy access to New York City, were compelling factors in the tenant's decision to sign at 125 Chubb Way."
According to Senior Vice President of CB Richard Ellis Greg H. Barkan, who represented SL Green in the transaction, "It's a testament to the quality of the building that we have been able to attract such prominent national retailers as Aeropostale and Barnes & Noble as well as Knowledgepoint360 Group. Recently repositioned, 125 Chubb Way offers a host of first class amenities including food service and a fitness center."
Situated close to both New York City and New Jersey population hubs, and with direct access to several major highways -- Routes 3, 17, I-80, the Garden State Parkway and the New Jersey Turnpike -- along with public transportation, 125 Chubb Way provides tenants with a superior location. The 278,000-square-foot property, consisting of two five-story towers connected in the center by a 65-foot, full-height atrium with skylights, was recently renovated to "best in class standards." It features meticulously maintained interior lobby and exterior landscaping, along with valued on-site and nearby amenities.
Remy deVarenne, Sarah Jones, Amanda Bokmon and Richard Carson from CB Richard Ellis represented Aeropostale in the transaction. Mr. Barnes and Clark Briffel of SL Green with Mr. Barkan of CB Richard Ellis represented the building owner.
About SL Green
SL Green Realty Corp., New York City's largest office landlord, is the only fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of December 31, 2011, SL Green owned interests in 65 Manhattan properties totaling more than 38.7 million square feet. This included ownership interests in 27.0 million square feet of commercial properties and debt and preferred equity investments secured by 11.7 million square feet of properties. In addition to its Manhattan investments, SL Green holds ownership interests and debt and preferred equity interests in 32 suburban assets totaling 7.3 million square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey, along with four development properties in the suburbs encompassing approximately 0.5 million square feet.