Headquarters Fitout for Coining Set to Begin in Montvale

Cushman & Wakefield of New Jersey, Inc.
One Meadowlands Plaza
East Rutherford, New Jersey 07073

Media Contact: Evelyn Weiss Francisco: [email protected], (201) 796-7788

HEADQUARTERS FITOUT FOR COINING SET TO BEGIN IN MONTVALE
Cushman & Wakefield-Orchestrated Lease Brings Manufacturing Jobs to N.J.

MONTVALE, N.J., March. 17, 2010 – With full approvals recently in place, the interior fitout of Coining, Inc.’s new headquarters at 15 Mercedes Drive in Montvale is set to begin shortly, announced Cushman & Wakefield, Inc. in East Rutherford. Coining, a high-end manufacturer of parts and materials for the semiconductor industry, leased the entire, 59,000-square-foot building last fall. Its move there later this year not only will bring new manufacturing employment to New Jersey, but also will mark the next chapter for what had been an obsolete laboratory facility.

The 15 Mercedes Drive operation will consolidate the two offices. Thomas Vetter and Jeff DeMagistris of NAI James E. Hansen, Inc. represented Coining in the lease.

“Coining’s commitment is highly significant for New Jersey – our state has lost a large number of manufacturing jobs in recent years,” noted Cushman & Wakefield’s Robert Rudin, who represented The Hampshire Companies, owner of 15 Mercedes Drive, in orchestrating the long-term lease with team members Matthew Seltzer and Dan Johnsen.

Founded in 1965 and currently headquartered in Saddle Brook, N.J, Coining manufactures custom preforms, microstampings, cover assemblies, and bonding wire and ribbon. The firm has experienced steady organic growth through the years and, in early 2009, acquired Semiconductor Packaging Materials (SPM), a competitor based in Armonk, N.Y.

“In a perfect world, we wanted to draw a straight line between Saddle Brook and Armonk, and find a point in the center for our relocation,” said Gary Holcomb, Coining’s CEO. “The building at 15 Mercedes Drive fit everything we wanted. It seemed too good to be true.”

The Hampshire Companies purchased 15 Mercedes Drive as a vacant office/laboratory building in 2006 with the intent to aggressively reposition it as a Class A, high-tech property. On spec, the company stripped the structure down to the steel and rebuilt it with a new façade and curtain wall, white TPO roofing, high-performance E Glass and an energy-efficient HVAC system.

“This location and this property were ideally suited for high-tech use,” said Kim Stirba-Reynolds, an investment manager with The Hampshire Companies. “We recognized that it would fill a unique niche in what is an established commercial and office market,” added Todd Anderson, principal.

Rudin credits The Hampshire Companies’ foresight as critical in the successful lease-up of 15 Mercedes Drive. “Hampshire spent the time and the money to buy this building with no tenant in hand and retrofit it on spec – all because they read the market correctly,” he said.

“At the time that Coining was looking, this was the only first-class, high-tech building on the Garden State Parkway corridor,” added Johnsen. “The firm easily could have chosen to move out of state, taking jobs with them. Instead, thanks to Hampshire’s vision, we have gained light manufacturing jobs right here in Bergen County.”

Coining expects to take occupancy at 15 Mercedes Drive in late summer 2010. Approximately 120 employees will relocate to the new headquarters and manufacturing facility, including 50 professionals that currently work in Armonk.

15 Mercedes Drive sits on approximately six acres with direct access to the Garden State Parkway, and proximity to the Palisades Interstate Parkway, I-287, and Manhattan via the Tappan Zee and George Washington Bridges. This accessibility as well as nearby shopping, hotels, restaurants and retail have attracted a prestigious corporate roster to the neighborhood, with other local tenants including BMW, Mercedes-Benz North America, Sony and Hertz.

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