JLL completed a 60,000 square foot lease with Valley Health System at The S. Hekemian Group-owned North Market, a mixed-use development in Montvale, Bergen County, according to a Tuesday announcement from the developer.
The S. Hekemian Group (SHG) said it will create a modern Class A medical office building for Valley Health Systems as part of a new 86,000 square foot building that will include 26,000 square feet of ground-floor Class A retail space.
The property is located at North Market in Montvale, and construction is expected to get underway in the fall of 2023. It will be the second office building to rise on the site following last year’s opening of a 52,000 square foot office building at 200 Market Street.
The North Market development is a 32-acre redevelopment of the former Mercedes-Benz USA headquarters, which now includes a 52,000 square feet high-end boutique office space, 308 rental apartments and the soon-to-be-built new development. North Market is adjacent to the 26-acre Shoppes at DePiero Farm, a project also developed and owned by SHG. Shoppes at DePiero Farm is anchored by Wegmans and consist of 66,000 square feet of lifestyle retail.
“Valley Health System’s commitment to the property validates the success of our effort to create a dynamic neighborhood experience in North Market,” said Peter Hekemian, senior managing director of SHG. “Joining one of the premier, high-visibility projects in northern Bergen County is a powerful opportunity for the Valley Health System brand, and we are excited to welcome an organization of this caliber to the property.”
SHG was represented by Frank Recine, executive managing director at JLL. Valley Health System was represented by vice chairman Robert Rudin, and senior director Peter Hamburger, both with Cushman & Wakefield.
“Peter Hekemian’s vision for The Shoppes at DePiero and North Market has been realized in a transformative project in Northern Bergen County,” Recine said. “Valley Health System, SHG and the Township of Montvale, collaborated in a partnership that facilitated the development of this new, state-of-the-art, built-to-suite office building.”