NAI Hanson’s Andrew Somple and Greg James represented the seller, SUEZ Water (formerly United Water), in the transaction.
Vacated by United Water in 2014, 200 Old Hook Road is a 68,000-square-foot, three-story office building constructed in 1977.
The property is situated in the middle of a 64-acre conservation tract on the northern shore of the Oradell Reservoir, making it an ideal repositioning opportunity for a senior living facility, NAI Hanson said.
Allegro and its joint venture partner, United Way, have received approvals to construct 83 senior independent apartments and 92 assisted living units, including 25 memory loss units, on the site.
“The existing property at 200 Old Hook Road was emblematic of New Jersey’s ongoing issue with functionally obsolete and vacant office buildings,” said Somple.
“Before Suez/United Water vacated the property, we knew this space had little chance of seeing life as an office building again. However, through creative marketing of the property, we were able to secure a buyer who will redevelop the land and bring a much-desired and ratable asset to local community,” he added. “Unfortunately, the regulatory approval process took longer than anticipated, but in the end, it was a win-win for all parties involved.”