Sparc Group Expands Lyndhurst Office With 20,000 Sq. Ft. Renewal At 125 Chubb Ave
125 Chubb Avenue
Building Size
92,794 SF
Asset Type
Office
Closing
Nov 21, 2023
AI
Sparc Group LLC, the owner of Brooks Brothers and Reebok, has expanded its office space in Lyndhurst, New Jersey. The company renewed its lease for 20,000 square feet at 125 Chubb Avenue, increasing its total office area to over 90,000 square feet. This transaction represents one of the largest leases in the area during the third quarter of 2023. The property is a five-story office building located near Route 17.
Summary of Transaction Details
- Property Type: Office
- Transaction Amount: Not available
- Square Footage: 92,794
- Address: 125 Chubb Avenue, Lyndhurst
- Market: Lyndhurst
The lease transaction was facilitated by Cushman & Wakefield and CBRE. Curtis Foster and Jerry Shifrin from Cushman & Wakefield represented the landlord, while Remy deVarenne from CBRE represented Sparc Group LLC. The deal involved upgrades to the office building to accommodate Sparc Group's expansion.
Players
Lyndhurst Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93