Cushman & Wakefield Orchestrates Sale of 9W Office Center in Fort Lee
NY-Based Investor Purchases Class A Property Uniquely Situated along North Jersey's Gold Coast
Suite 203, March 2, 2016 (Newswire.com) - Commercial real estate services firm Cushman & Wakefield has orchestrated the sale of 9W Office Center, located at 2200 Fletcher Ave. in Fort Lee. A New York-based investor acquired the 215,000-square-foot, seven-story Class A office property from James Campbell Company, LLC.
Cushman & Wakefield’s Metropolitan Area Capital Markets Group, headed by Andrew Merin, Gary Gabriel, David Bernhaut, Brian Whitmer, and Frank DiTommaso represented the seller and procured the buyer in the sale. Vision Real Estate Partners, owner’s representative, will be providing property management and leasing duties.
“This premier office property is well-situated among one of New Jersey’s best located and most rapidly developing areas,” said Gabriel. “Previous ownership did a great job of repositioning this asset and renewing long-term tenants, transforming it into a solid core investment.”
With its prominent Bergen County location, proximity to Manhattan, ample parking and easy access to walkable retail and lifestyle amenities, 9W Office Center has maintained an average occupancy of 96 percent since the economic downturn. The property’s stable tenant roster is anchored by firms that have been in the building for over a decade, including Tranzact and Telemundo.
A recent $2 million renovation included a refresh of the building’s expansive two-story atrium lobby and common areas, as well as a new roof and cooling tower and significant upgrades to the parking garage. Tenant amenities include a fitness center, full-service cafeteria, storage and 24/7 security.
“9W Office Center is known to provide outstanding statewide and regional accessibility via the nearby confluence of highways,” noted Cushman & Wakefield’s DiTommaso. “Uniquely situated on five acres just north of the entrance to the George Washington Bridge, it is convenient to interstates 80 and 95, the Palisades Interstate Parkway, and routes 4, 9W, and 46.”
Based in East Rutherford, N.J., Cushman & Wakefield’s Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., Pennsylvania, and Delaware. The team has completed more than $21.7 billion worth of transactions since 2000, closing on $2 billion in 2015.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenues of $5 billion across core services of agency leasing, asset services, capital markets, facility services (branded C&W Services), global occupier services, investment & asset management (branded DTZ Investors), project & development services, tenant representation and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.