A fund sponsored by CBRE Global Investors has acquired a 507,000-square-foot office complex in Saddle Brook, in a deal arranged by brokerage firm CBRE.The firm’s Institutional Properties team represented the buyer of Park 80 West and worked closely with the seller, a joint venture of Pearlmark Real Estate Partners and L&L, according to a CBRE news release. Terms were not disclosed, but a source familiar with the transaction, who wasn’t authorized to speak publicly about it, said the sale price was $75 million.
The CBRE team of Jeffrey Dunne, Kevin Welsh, Brian Schulz and Frank Maresca represented the buyer of the two-building complex, whose sponsor is an independently operated affiliate of CBRE Group Inc.
The property, located at the nexus of I-80 and the Garden State Parkway, is 73 percent leased after a flurry of activity in recent years, the news release said. Since January 2013, tenants have leased some 210,000 square feet of space at the complex.
The buildings have new common areas that were renovated last year and has 90 percent covered parking, among a host of other amenities. It also sits near two hotels and three regional malls.
“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,” Dunne said in a prepared statement. “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.”
The complex is also the home of CBRE’s New Jersey headquarters.