Coining's Lease of 15 Mercedes Dr Finalist for 2010 Economic Deal of Year

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) May 19, 2010 -- Coining's lease of 15 Mercedes Drive in Montvale, NJ has been honored as a finalist and runner up for the National Association of Industrial & Office Properties (NAIOP) 2010 Economic Impact Deal of the Year Award in New Jersey. This recognition occurred at NAIOP's 23rd Annual Commercial Real Estate Awards Gala last night at The Palace at Somerset Park in Somerset, NJ.

Coining signed its fifteen-year lease for the 60,000 square foot building at 15 Mercedes Drive on September 1, 2009 and will use the award-winning facility to house its domestic manufacturing operations and corporate offices. In addition to about 75 Coining employees from its Saddle Brook, NJ facility that will relocate to 15 Mercedes Drive, the company is also moving approximately 50 employees from its Armonk, NY location to Montvale. Start-up of the new facility is slated for September of this year.

"Numerous factors attracted us to the 15 Mercedes facility," explained Gary Holcomb, Coining's CEO who personally spearheaded the initiative to centralize all of Coining's US operations at one location. "The most important of these was its central location part-way between our existing facilities in Saddle Brook, NJ and Armonk, NY. We want to retain our existing workforces at both locations and moving to Montvale allows us to do that."

Coining's new facility at 15 Mercedes Drive is directly between its existing plants in Saddle Brook and Armonk. Montvale is about 12 miles from Saddle Brook and 24 miles from Armonk.

The 15 Mercedes Drive building and property is owned by The Hampshire Companies of Morristown, NJ. Cushman & Wakefield's East Rutherford, NJ office represented Hampshire as its broker on this lease while Coining was represented by NAI James E. Hanson of Hackensack, NJ.

NAIOP is the leading nation-wide organization for developers, owners and related professionals in office, industrial and mixed-use real estate. Its Economic Impact Deal of the Year Award recognizes brokers, consultants, property owners and tenants whose industrial or commercial real estate deals have had the greatest economic impact of the year in the local community and marketplace.

"The 15 Mercedes Drive transaction was unique in that we are bringing good manufacturing jobs to the state of New Jersey," remarked Robert Ruden, Vice Chairman of Cushman & Wakefield of New Jersey who represented Hampshire on this deal. "Unfortunately, hardly anyone does that anymore."

"Coining placed great emphasis on retaining its skilled workforce during our search for its new facility," stated NAI James E. Hanson Vice President Tom Vetter who, along with his partner Jeff DeMagistris, represented Coining. "It is easy to understand the economic significance of a long-term lease transaction that retains and adds good-paying jobs to our beleaguered state."