The largest retailer of party goods in North America signed a full-building lease at 100 Tice Blvd., a 208,911-square-foot Class A office building.
Ben Brenner of Cushman & Wakefield and Harlan Hollander of Savills represented Party City, and Joe Sarno Sr., Jon Meisel and Jeff Babikian of CBRE represented Signature Acquisitions in the transaction.
Originally founded in East Hanover, the company’s headquarters operations were spread across two offices, in Rockaway and Elmsford, New York. In September, the company said it was seeking to consolidate its headquarters operations, and Woodcliff Lake and the surrounding Upper Parkway submarket’s strong underlying fundamentals made it stand out among competing areas in the region.
Read more from ROI-NJ:
The Fortune 100 company was the first to win an award under the Emerge program, the new job creation incentive touted by Gov. Phil Murphy and created under the New Jersey Economic Recovery Act of 2020. It will be bringing its headquarters — and 357 new jobs — to Bergen County, in accordance with a seven-year award for just under $10 million ($9,996,000) that was approved by the board of the New Jersey Economic Development Authority.
Conveniently located less than one mile from the Garden State Parkway and five miles from Interstates 87 and 287 in the borough of Woodcliff Lake, the asset is a three-story building that was acquired by Signature Acquisitions in 2019. Party City recognized that the building’s superior connectivity to regional transportation networks, its strong local demographics and its adaptability made it an ideal future headquarters location.
The building’s proximity to the New Jersey-New York border provides the company’s current employees with added convenience and accessibility while expanding its reach to attract additional top talent. Party City will take advantage of the EDA’s Emerge program award to fund major capital improvements at the building that will create a collaborative workplace geared to the needs of the growing company and its employee base.
“Our focus on acquiring best-in-class suburban office spaces and maintaining them to the highest standards has consistently created one-of-a-kind corporate destinations geared towards the needs of companies today,” said Rich Travaglini, senior vice president/director of leasing for Signature Acquisitions. “Party City’s return to New Jersey exemplifies our portfolio’s continued deep appeal to a wide range of companies hoping to tap into all that makes the tri-state area unique.
“We welcome Party City back to Garden State and we look forward to working with them to create a dynamic workplace that will foster the collaboration and creativity necessary for continued growth.”