A trophy office building in Bergen County with “incredible accessibility” has new ownership, following a sale of the 287,704-square-foot property arranged by Cushman & Wakefield.

The global commercial real estate services firm announced the deal Jan. 2. Cushman & Wakefield represented the seller, a joint venture between DRA Advisors and Woodbridge-based Onyx Equities LLC, in addition to securing the buyer, First Mile Properties, an affiliate of New York-based Crown Acquisitions.

The Paramus property, located at 61 S. Paramus Road, is situated at the crossroads of Routes 17 and 4, and the Garden State Parkway. Among its current tenants are UBS and Morgan Stanley.

Cushman & Wakefield Executive Vice Chairs David Bernhaut and Gary Gabriel, Executive Director DiTommaso and Associate Director Seth Zuidema handled the transaction. Financial terms were not disclosed.

In a separate announcement, Tinton Falls-based Progress Capital said it secured $33.6 million in acquisition financing for the purchase. “It really was a team effort to get a deal like this across the finish line in this market,” Partner Brad Domenico, who played a pivotal role in arranging the funding, commented.

“Onyx Equities and DRA Advisors have done an exceptional job managing this best-in-class asset throughout their ownership period,” Bernhaut said. “While less amenitized office properties are experiencing decreasing occupancy rates, 61 South Paramus has attracted three new tenants and one expansion in the last 12 months alone bringing occupancy to over 96%.”

DRA Advisors Managing Director Brett Gottlieb echoed that sentiment.

“Throughout our ownership, even in the wake of a post-COVID environment, we continued to see strong office demand at 61 South Paramus,” he said in a statement. “While the office market is adapting, we still saw buyer depth and a good appetite on suburban office product.”

Onyx acquired the building in 2017 and, according to its website, renovated the space in 2020. It features a grand fountain and reflecting pool, a landscaped courtyard with new outdoor seating options, a marble and glass façade and abundant parking. According to Progress Capital’s announcement, more than $4.5 million was invested in updates to the property.

In a statement, DiTommaso cited the value the purchase represents for the buyer.

“First Mile Properties certainly proved their strength as a dominant player in the industry having navigated one of the most challenging capital markets environments of recent times,” he commented. “Their pursuit ultimately resulted in the successful acquisition of one of Northern New Jersey’s top-performing office properties which will complement their growing portfolio of best-in-market assets.”

According to the company’s website, First Mile’s other properties include a more than 174,000-square-foot office property in Connecticut and the five-building, 668,107-square-foot River Centre Office Campus Red Bank.