In the deal, the business services company first purchased 133 Williams Drive, a 171,500-square-foot industrial property in the borough, from Prestige Motors. It then sold both that property and the adjacent 106,400-square-foot office property at 100 Williams Drive to LCN Capital Partners.
The 100 Williams Drive building is the longtime headquarters for Konica Minolta, which then leased back both Williams Drive buildings on a long-term basis.
The company also retained ownership of an 85,000-square-foot mixed-use industrial/office property at 101 Williams Drive. It intends to relocate the warehouse operation to 133 Williams Drive, converting that portion of the building with a 52,000-square-foot office addition and parking.
“Konica Minolta’s presence in this neighborhood dates to the early 1970s, when 101 Williams Drive was built,” C&W’s Richard Baumenstein said in a prepared statement. “The company’s various mergers and expansions into new product lines — including smart office technology products, industrial printing and managed services — are driving significant growth.”
Konica Minolta will house its 474 Ramsey employees in the campus, with the ability to accommodate another 400 employees. In addition to current Williams Drive workers, the company plans to relocate its Windsor, Connecticut, operations to the campus.
(READ MORE from ROI-NJ on Konica Minolta’s changes and why it is making them.)
“This series of calculated moves paves the way for Konica Minolta to create an exciting, modern work environment while gaining efficiencies and accommodating future growth, all while remaining in place,” Baumenstein said.
The company had previously announced the consolidation plans in December, after receiving a $29 million Grow New Jersey grant from the state Economic Development Authority.
Baumenstein and Marc Graham of C&W’s East Rutherford office are national real estate advisers for Konica Minolta. They represented the company in the 133 Williams purchase, while Dan Foley of Savills Studley was broker for the seller.
They then teamed with sale/leaseback specialists Ben Cooper and Peyton Horn to broker the 133 Williams and 100 Williams sale.