Polygon Plaza, 2050 Center Ave., Ft. Lee, NJ Polygon Plaza, 2050 Center Ave., Ft. Lee, NJ

FORT LEE, NJ—Polygon Plaza, a 90,000-square-foot office building at 2050 Center Ave., in the heart of Fort Lee’s bustling redevelopment district, has traded for $22 million. A BFE affiliate sold the fully leased asset to H&M Group, a New York investor.

BFE acquired the building in 1994 for $6.4 million; the seller, Connecticut Mutual Life, had acquired it through a foreclosure. Today, Polygon Plaza is leased to a mix of small and mid-sized tenants, including many long-term occupants. Trans-Hudson Management, a BFE affiliate, will continue to manage the building for the new owner.

“BFE did a remarkable job stabilizing Polygon Plaza and enhancing its competitive position,” says Cushman & Wakefield’s Andrew J. Merin, who represented BFE in the sale, with team members David Bernhaut, Gary Gabriel and Brian Whitmer. “In turn, the organization achieved an impressive return on its initial investment by going out to market at a time when office investment demand is rebounding, especially in desirable New Jersey Gold Coast markets like Fort Lee.”

Ashley Kim and Bowen Pak of Eastern International Realty served as co-brokers for the seller in the transaction.