NAI James E. Hanson negotiated a sale and partial leaseback for an office building in Hackensack.

On Aug. 27, NAI Hanson announced it represented the seller, Iron Capital Management LLC, and the buyer, 55 State St. Holdings LLC, in the transaction. Located at 55 State St., the two-floor building comprises 9,000 square feet.

Under the agreement, the owner will lease back space on the second floor to continue its law practice. According to NAI Hanson, the new owner will occupy 4,500 square feet of vacant space on the lower level.

The office property is located one block from the Bergen County Courthouse and Administrative complex. NAI Hanson said the space is well-suited for attorneys or other professional service businesses.

Vice Presidents Anthony Cassano and Dick Hecker represented the parties in the transaction.

“The Bergen County Courthouse and Administrative Complex remains a key demand driver for Downtown Hackensack’s office sales and leasing market,” said Cassano. “With the anticipated influx of new residents and businesses in the coming years, we expect the market to become even more competitive, making properties like 55 State Street highly-attractive investment opportunities for owner-operators.”

New York City-based SLB Capital Advisors also released its August sale leaseback market update Tuesday.

According to the report, transaction dollar volume in the second quarter rebounded more than 77% from a low in Q1 of $1.8 billion to $3.2 billion in Q2. SLB said the 158 discrete transactions recorded marked an approximately 7% uptick above Q1. The office sector represented 3% of sale leaseback activity in Q2, according to the report.