Tulfra Real Estate Signs ADT to 10-Year Lease Extension
Security Company Set to Occupy Space at Totowa Business Center Through 2030
Totowa, NJ, June 24, 2016 – Tulfra Real Estate has agreed to a 10-year lease extension for ADT Security Service at Totowa Business Center, a 225,000-square-foot mixed-use building at 930 Riverview Drive in Totowa, announced Sonny Jumani, president and managing member at Tulfra. The latter was represented in the transaction by Tom Consiglio, Gregg Sabato and Scott Peck of Resource Realty. ADT, which will continue to occupy Suite 800 at the site, was represented by Brian Godow of CBRE.
“The purchase of this facility fit into our strategy of investing in upscale corporate/technology and e-commerce buildings,” said Jumani. “We immediately launched a $3 million improvement program that included retrofitting the industrial appearance of the front section, and this long-term extension with ADT verifies our effort.”
ADT, a national provider of home and business security products and 24-hour alarm monitoring, originally signed a lease for Suite 800 at 930 Riverview Drive in 2011 That lease was slated to expire in 2020, With the extension, ADT is slated to occupy Suite 800 through 2030.
Originally constructed in 1962 and redeveloped in 1998, the property is situated on 17.38 acres at the intersection of I-80 and Routes 46 and 23. The site provides over 800 parking spaces and is near the region’s major business districts, just 17 miles from New York.
“The strategic, high-traffic location is ideal for business operations,” said Jumani. “This market continues to be constrained for this type of asset, and we are seeing a great deal of interest in the availabilities that remain in the front portion.”
Tulfra Real Estate and its affiliates currently own and manage four million square feet of industrial and commercial real estate, encompassing more than 50 buildings with 200 public and private tenants in Northern and Central New Jersey. The firm currently has an additional 500,000 square feet under development.