The asset, a five-story, 212,000-sf class A office building on 6.3 acres, was built in 1990 as the North American headquarters of the Korea-based Daewoo International (America) Corp., which agreed to sell it late last year to Old Colony Co., an affiliate of Heyman Properties of Westport, CT. The transaction marked the latter's entry into the New Jersey office market.

The sale itself was arranged by the CB Richard Ellis Tri-State Investment Team. Team leader Jeffrey R. Dunne along with Chris McManus of CBRE's Stamford, CT office, Kevin Welsh of its Paramus, NJ office and John Oh and Rolf Kemen of the New York office represented Daewoo and secured the buyer. The sale price of just over $26.6 million factors out to almost $125 per sf.

The asset, still recognized locally as the "Daewoo Building," is situated near the convergence of the New Jersey Turnpike, I-80 and I-95 in Bergen County less than 10 miles from the George Washington Bridge. Repositioned as a multi-tenant facility, the building's largest current tenant is the Mellon Investor Services Group.