Malo to Add Imaging Center and Cafe to U.S. Medical Facility on RTE 17 Rutherford, NJ
Lisbon-based Medical Clinic Expands and Renegotiates Leases Totaling nearly 16,000 SF
Hackensack, NJ (February 9, 2010)
Malo Consulting NJ, LLC, the North American arm of Lisbon, Portugal-based medical group Malo Health Group, will be opening an imaging center and café to support the cutting-edge health practice it opened at the end of 2009 at 201 Route 17 North in Rutherford, New Jersey.
The group recently expanded by 10,371 square feet in the 301 building of the two-building complex, which includes the existing food service/café space that Malo has been running for the past five months and additional space to support it, i.e. offices, locker rooms, freezers, etc.
Malo, a state-of-the-art medical facility providing innovative outpatient surgical procedures of all kinds, feels its important to offer its patients a quality restaurant on the premises, shared Studley’s Chip Conklin, who added that Malo hired a chef from New York City who has already drastically transformed the café’s menu and food quality so it is commensurate with the rest of the “Malo experience.”
The transaction also includes a restructured lease on 5,900 square feet on the first floor of the 201 building, which was originally slated for food service, but was needed for an imaging center and therefore required revised lease terms.
In early 2008, Malo signed 52,238-square-foot lease for the top two floors (11 and 12) of the 201 building and later that year signed a 21,338-square-foot lease for the 10th floor--setting a foundation for the group’s U.S. headquarters and only North American location.
“The New Jersey facility was the group’s 14th worldwide,” explained Mr. Conklin, Malo’s real estate advisor in the U.S. “Its innovative outpatient surgical methods draw patients from all over the world, which was the impetus to open a U.S. facility.”
In fact, Mr. Conklin added, Malo’s Portugal facility earned almost 20 percent of its revenue from the U.S. patients.
Malo is currently building out the imaging center with both tenant-improvement dollars provided by the landlord, Onyx Equities, and its own capital.
The lease also includes rights to expand into the entire 300,000-square-foot office complex at 201 and 301 Route 17 North.
In addition to Mr. Conklin, Studley’s Joseph Messina represented Malo in the transaction. Tim Greiner of Newmark Knight Frank represented Onyx in the transaction.
Studley is the only global tenant advisory firm with a pure tenant representation delivery platform. Founded in 1954, Studley pioneered this conflict-free business model. Today, with 19 offices nationwide and an international presence through its London office and AOS Studley throughout Europe, Studley provides strategic real estate consulting services to top-tier corporations, law firms, nonprofits, government agencies and institutions of higher education. Information about Studley is available at www.studley.com.