Just five months after being appointed the exclusive sales agent at 1111 MacArthur Blvd. in Mahwah by Seiko Holdings Corp., CBRE has completed the disposition of the property for $10,295,000, and arranged an 18,400-square-foot leaseback by Seiko.
The CBRE team of Thomas Mallaney, Randy Eigen and Conor Dolan spearheaded the marketing campaign and represented the Japanese holding company in the negotiations with buyer 1111 MacArthur Boulevard LLC.
“The property provided the buyer with the opportunity to own a wonderful asset with two blue chip tenants already in place,” said Tom Mallaney, first vice president. “This transaction has accomplished the seller’s goal of monetizing an underutilized asset. Additionally, the new ownership will be able to utilize the balance of the facility for its own real estate needs.”
Built in 1979 and fully renovated in 1990, the property is a two-story, 140,420-square-foot Class A office/tech property situated on 18.86 acres. It is in close proximity to Interstate 287 and Route 17.
Nuance Communications, a US-based multinational software technology corporation, headquartered in Burlington, Mass., occupies 27,317 square feet of space at the property under a long-term lease.
The buyer was represented by John Friedland and Mark Tannen of United Realty Advisors LLC. On the legal side, attorney John Oberdorf Jr. of the firm McManimon Scotland Baumann represented the seller, while Bruce Whitaker of the firm McDonnell & Whitaker represented the buyer.