The Birch Group has purchased 55 Challenger Road in Ridgefield Park from KABR Group and Kushner.
Cushman & Wakefield brokered the trade of the 269,720-square-foot, Class A office building.
Cushman & Wakefield’s David Bernhaut represented the seller and procured the buyer with members of the firm’s New Jersey capital markets team including Andrew Merin, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Larkin.
Cushman & Wakefield’s leasing specialists William O’Keefe and Kelsey Nakamura also supported the assignment as exclusive leasing agents for the property.
“We approached this acquisition with the goal of diversifying our portfolio by adding an excellent asset with a strong tenant roster and upside potential,” said Mark Meisner, President of The Birch Group.
55 Challenger Road is located in the Overpeck Corporate Center, a 60-acre mixed-use development located along Overpeck Creek near Overpeck County Park and home to Samsung’s North American headquarters.
The property features a full amenity package including a fitness center, covered parking garage, 24/7 security, onsite management, full service cafeteria and conference center. Recent leases include Kumon, which made the property its North American headquarters, and Seeger Weiss, among others.
Kenneth Pasternak’s KABR picked up the building – along with several others in the complex – in the wake of the Great Recession, many at a fraction of their original cost.
According to the Jersey Journal, the local Ridgefield Park Planning Boardis currently considering an application to build a 19-story mixed-use apartment tower at nearby 60 Challenger Road. Challenger 60, LLC is seeking to build a tower with 552 residential units and 14,000 s/f of commercial space along with 920 parking spaces.