Parsippany, New Jersey, 13 February 2015 – CBRE Group, Inc. announced that Jeffrey Dunne, Kevin Welsh, Brian Schulz and Frank Maresca, of CBRE Institutional Properties represented a fund sponsored by CBRE Global Investors (an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG), in the purchase of Park 80 West (“Park 80”) in Saddle Brook, New Jersey. The team worked closely with the Seller, a joint venture between Pearlmark Real Estate Partners and L&L, to effectuate an expedient transaction prior to a debt maturity.
Park 80 West consists of two Class A office buildings totaling 507,348± square feet each with an attached parking garage situated on 10.1± acres. The Property is located at the nexus of I-80 and the Garden State Parkway and is considered one of the best locations in Northern New Jersey. Park 80 West features new common areas renovated in 2014 and possesses a superior amenity package including manned and roving security, full-service cafeteria, fitness center, boardroom, dry cleaning service, on-site property management, and 90% covered parking (3.5/1000). In addition, there are two hotels adjacent to the Property (Saddle Brook Marriot and Holiday Inn), three regional malls (Garden State Plaza, The Shops at Riverside and Bergen Town Center) and numerous dining options and national retailers along nearby Routes 4, 17 and 46.
The Property is 73% leased to a diverse tenant roster including several investment-grade companies, with no tenant accounting for more than 5.3% of the Property. Park 80’s premier market position is illustrated by its strong history of tenant retention with only two major tenants vacating over the past 20± years. Further, the Property has experienced strong recent leasing activity with 210,000± square feet of leases completed since January 2013.
Mr. Dunne commented: “The acquisition of Park 80 West provides CBRE Global Investors with a premier office asset defined by its iconic location at the intersection of I-80 and the Garden State Parkway. CBRE Global Investors demonstrated their ability to quickly understand and overcome challenges, which was critical in meeting the very short closing timeframe required by ownership.”
CBRE Institutional Properties specializes in the sale of investment properties in the suburban markets surrounding New York City and also around the United States. CBRE Institutional Properties services a prestigious client base of institutions, corporations, private investors, developers and REITs and has closed over $11 billion in property sales in all property types over the last five years.
CBRE Institutional Properties has a number of attractive investment opportunities currently on the market including: 131 Morristown Road, a 212,000-square-foot office building in Basking Ridge, New Jersey, which is 100% leased; 225 Brae Boulevard, a 222,000-square-foot office property formerly the Hertz World HQ in Park Ridge, New Jersey; One Sony Drive a 220,000-square-foot office building in Park Ridge, New Jersey; and 185 & 201 Tabor Road, a 66-acre office campus with redevelopment potential in Morris Plains, New Jersey.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.