-- Newly Repositioned Property the Only Fort Monmouth Office Building Available for Lease --
Colliers International Group Inc.(NASDAQ:CIGI, TSX:CIG)has been named marketing agent for Russel Hall, an iconic, 42,300-square-foot office building in Oceanport. The property at 1000 Sanger Avenue is the only multi-tenant corporate property available for lease within Fort Monmouth; it formerly housed offices for Army officers.
Colliers’ Doug Twyman, based at the global commercial real estate services firm’s Princeton, N.J., office, is heading the assignment. Cloud computing services company TetherView purchased Russel Hall this summer from the Fort Monmouth Economic Revitalization Authority (FMERA). The company, which initially subleased the building’s third floor in late 2015, has completed substantial renovations to position the property as a Class A leasing opportunity.
“This building has a lot of history and a distinct ambiance – and TetherView has stayed true to its original character by restoring the Art Deco theme in the lobby and common areas,” Twyman said. “At the same time, TetherView is incorporating systems and infrastructure to meet the specifications of modern tenants. Companies who locate here will benefit from the day-to-day presence of this responsive, on-site owner-manager.”
Twyman is marketing spaces from 2,000 square feet to full floors of 20,000 square feet at Russel Hall. He noted that the building is particularly well suited for technology and professional service firms. Some available suites are already furnished and ready for immediate move-in, and TetherView’s available cloud service enables seamless IT set-up.
“Russel Hall provides the aesthetic benefits of being within the gates of bucolic Fort Monmouth,” Twyman said. “It sits adjacent to the parade grounds, which will remain undeveloped. At the same time, the building offers easy access in and out of the campus.” The property is convenient to Garden State Parkway exits 105 and 109, and routes 18, 36 and 35. The Little Silver Train Station is less than one mile away.
Michael Abboud, TetherView’s owner, cited Russel Hall’s location as the strongest draw for him as both a real estate investor and an employer. “It is so easy to get here, and the lifestyle is outstanding,” he said. “Campus amenities – including housing, fitness and food service – are augmented by abundant area retail. Additionally, a significant percentage of people who live in the region work in Manhattan. Given the opportunity, many would choose to remain local each day. That has already proven to be a great recruiting advantage for us at TetherView.”
Abboud noted that FMERA, the Army and the Town of Oceanport have been integral in TetherView’s efforts to position Russel Hall as a preferred business address. “They all have been incredibly supportive of what we are doing here,” he said. “In turn, we are committed to providing the same level of respect and attention for tenants who lease space at our building.”
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