NAI James E. Hanson, a commercial real estate firm based in Teterboro, announced on Thursday it has negotiated a new headquarters space for Edge Physical Therapy in Paramus.
NAI Hanson’s Darren Lizzack and Randy Horning represented Edge Physical Therapy & Sports Medicine LLC in the 5,374-square-foot lease at 80 Route 4 East. Cushman & Wakefield’s Curtis Foster and Jerry Shifrin represented the landlord, Stanford Atrium Corp.
The 168,000-square-foot building features frontage on Route 4 and is within close access to the Garden State Parkway, the New Jersey Turnpike and the George Washington Bridge. It has amenities such as a five-story atrium and a 9.35-acre lot with parking.
Edge Physical Therapy sought out the space to add on ancillary services to enhance the environment for their clients, NAI Hanson said.
“We’ve seen a deliberate shift in medical office tenants’ space needs in recent years, with consolidation and enhanced service offerings serving as the primary drivers,” Lizzack said. “As a result, many providers have begun to rethink their real estate needs in order to reduce overhead while maintaining a competitive position in the marketplace. We were pleased to leverage our deep medical office expertise to help our client secure a new home that could accommodate their evolving space needs and ensure they can continue to provide quality service to their growing client base.”
Horning added: “The changing configurations of medical office space as a result of this trend are also creating opportunities for landlords to secure long-term leases with practice groups that require larger amounts of space. The higher construction costs associated with these more complex buildouts create stability for landlords, ensuring steady, long-term cash flow with high quality, recession-resistant tenants.”