The deal was arranged by Cushman & Wakefield's Metropolitan Area Financial Group (FSG), which represented Ivy Equities. C&W had similarly orchestrated the 1999 deal that had initially moved the building into Ivy's portfolio.

"Ivy Equities took advantage of the current capital markets environment to achieve an attractive return on its initial investment through this opportunistic disposition," according to Gary Gabriel, a senior director with FSG. "At the same time, North Jersey Development saw an investment opportunity for its affiliated entities at an attractive per-sf price."

The building is currently 95% occupied, according to Gabriel, with two-thirds of its total space taken by Newsweek and by Eclypsis Corp. The latter is a Boca Raton, FL-based provider of information technology for the healthcare industry, using the location as its Northeast regional office and as a technology solutions center, according to company officials.

North Jersey Development Group, which is based in Rockaway, NJ, has been on an aggressive buying spree recently. The latest acquisition boosts the company's portfolio to a total of 1.6 million sf of office and industrial space in New Jersey and New York. Another recent deal brought the 121,000-sf former Levelor manufacturing plant here into the fold as a redevelopment project, and company officials say that they are targeting another 500,000 sf of similar properties in the two states in the near term.

Ivy Equities, meanwhile, continues to own and manage a portfolio of more than three million sf of commercial property in New Jersey, Connecticut and New York's Westchester County.