Fortune 200 Dish Network Leases 3 ADP Boulevard Roseland From KABR/Capstone JV
January 13, 2014 --
Roseland Park, NJ (PRWEB) January 13, 2014
DISH Network, the Fortune 200 pay-TV giant that provides satellite programming to more than 14 million subscribers, has signed a 10-year NNN lease with KABR Real Estate Investment Partners and Capstone Realty Group for 56,742-sq-ft. within the 75,2256-square-foot 3 ADP Boulevard, situated in the Roseland Corporate Campus in highly desirable Roseland, NJ. The campus sits adjacent to Exit 5 of Route 280. The deal was brokered by CBRE Group Inc., New Jerseys largest commercial real estate brokerage firm.
DISH Network is expected to move more than 350 customer service and sales positions in early January 2014.
Completing the agreement was made possible by the ability of KABR/Capstone to offer a competitively priced deal and their ability to design a solution that met the specific needs of DISH Network employees. KABR/Capstone also invested over $3.0M in building and tenant improvements to deliver a state of the art facility for DISH Networks current and future needs.
We are very proud to welcome TV giant DISH Network to our property in Roseland, said Adam Altman, partner at KABR Real Estate Investment Partners. Working with DISH proves that our ability to create tailored solutions continues to attract high quality tenants.
Capstone Realty Group managing partner Mitchell Adelstein added, Significant improvements were made to the building including new HVAC systems and roof along with a significant tenant contribution to accommodate DISHs long-term use and occupancy at 3 ADP. The site also provides significant on-site parking, backup power supply and redundant hi-speed data that made the deal highly attractive.
Jeremy Neuer, the leasing broker and senior vice president at CBRE, added, We were able to work with the landlords, KABR/ Capstone, to get creative in developing an out-of-the-box deal structure to accommodate Dish Networks specific needs.
In June 2012, KABR/Capstone acquired Roseland Corporate Campus, which comprises two four-story buildings totaling 166,306 square feet from ADP. KABR/Capstone awarded CBREs New Jersey office the leasing assignment for the campus. 3 ADP Boulevard is a four-story 75,296 sq.-ft. building and the other property, known as 7 Becker Farm, is an 89,960-sq.-ft. building that features tenants including ADP and Liberty Mutual. Dish Networks lease brings the entire campus to more than 95 percent occupied. In less than 18 months, the KABR/Capstone team successfully leased approximately 145,000 SF in its Roseland properties.
The CBRE team of Joseph Sarno, executive vice president; Jeremy Neuer, senior vice president; Peter Shikar, vice president; and Rob Norton, senior associate, represented the owners KABR/Capstone. Peter Rasmusson of Lee & Associates represented Dish Networks in the deal.
DISH Network Corporation, through its subsidiary DISH Network L.L.C., provides the highest quality programming and technology with the most choices at the best value, including HD Free for Life®, to more than 14 million satellite TV customers. Subscribers enjoy the largest high definition line-up, the most international channels, and award-winning HD and DVR technology. DISH Network Corporation's subsidiary, Blockbuster L.L.C., delivers family entertainment to millions of customers around the world. DISH Network Corporation is a Fortune 200 company. Visit http://www.DISH.com.
Capstone Realty Group is an institutional real estate private equity investor and asset manager that acquires opportunistic commercial office, hotel and retail properties and distressed real estate debt investments. Since 1996, Capstone has acquired over 25 real estate deals, comprising over 3.5 million square feet and $500 million of total capitalization. Capstone provides Capital, Resources and Opportunities in todays challenging real estate market
KABR Real Estate Investment Partners, LLC, founded in 2009, is dedicated to the timely and opportunistic purchase of select real estate assets throughout the East Coast. KABR, led by a team of experienced real estate professionals and proven entrepreneurs, currently owns and operates a diverse portfolio of properties in several states that have exhibited stellar returns. KABRs detailed and value-oriented management team aims to financially re-leverage the appreciated properties and reinvest the cash flow to acquire additional assets.
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