CBRE announced today the sale of Continental Plaza in Hackensack, New Jersey for $123,000,000, the highest price paid for an office building in Bergen County in over five years and the largest sale of a multi-tenant office building in suburban New Jersey year-to-date.
Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer and Zach McHale of CBRE Institutional Properties represented the seller, Capstone Realty Group and JD Companies, and procured the buyer, Lionstone Capital.
This is the second consecutive year that CBRE was responsible for the largest office sale in Bergen County, after selling Park 80 West in Saddle Brook for $115.5 million, also to Lionstone Capital, in 2018 and comes on the heels of CBRE’s recent sale of American Metro Center for $84.7 million.
Recently repositioned by the seller, Continental Plaza which consists of three office buildings and a restaurant pad site totaling 647,947 s/f offers occupants a unique tenant experience through brand new amenities including a first-class fitness center, conference center with individual breakout rooms, tenant lounge and full-service cafeteria.
The improvements have driven the occupancy to 91 percent from 69 percent when the complex was acquired in 2016.
The building’s location in Central Bergen County, adjacent to two institutionally owned retail centers and minutes from the George Washington Bridge, enhance the offering to tenants.
“Capstone and JD did a phenomenal job with the renovations at Continental Plaza and the new amenity base will continue to attract new tenants and retain existing tenants,” said Dunne, Vice Chairman, CBRE. “We fully expect the buyer to benefit from these new amenities and the property’s strong cash flow.”
“Continental Plaza represents a major success story where ownership made a significant capital investment, upgraded the building
systems and created a first-class amenity program resulting in a truly special tenant experience,” added Neuer, Executive Vice President, CBRE.
“Today’s tenants crave amenities that will help attract and retain talent and Continental Plaza checks all the boxes.”