Alfred Sanzari Enterprises plans to build a 350-room hotel at the Glenpointe Complex along Route 80 in Teaneck instead of a 14-story office building it sought approval for earlier this year.
The developer cited a weak office market in northern New Jersey for the change, The Record reported.
Another company is moving to the Glenpointe, as well. Hanwha International, a South Korea-based conglomerate, signed an 8,561-square-foot office lease.
In that deal, Sanzari was represented by East Rutherford-based Cushman & Wakefield’s team of Richard Baumstein, Marc Graham and Christian Politan, exclusive leasing agents for the 650,000-square-foot Class A office complex at 300 Frank W. Burr Blvd.
Stephen Lee of C Land Realty represented Hanwha in the transaction. Financial terms were not disclosed, according to the Cushman & Wakefield news release.
“Hanwha looked at a number of locations in the area, and cited Glenpointe’s convenience, access, amenities and location for client meetings for their decision,” Graham said in the release. “There continues to be strong interest from international companies in Glenpointe, which clearly speaks to its strength as a business destination.”
Hanwha is a manufacturer and trading company, which produces products ranging from aircraft systems to defense-related products, solar products and more.
With this new signing, Hanwha has relocated its U.S. headquarters from Cranbury.
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