MONTVALE, NJ-Accordia Realty Ventures and Meritage Properties have sold the 62,000-sf office building at 85 Chestnut Ridge Rd. here, two years after buying the once-vacant property . The acquisition price in 2006 was not disclosed at the time, but subsequently revealed to be $5.8 million, or about $96 per sf. The sale price in the latest deal was not released.

The buyer was Baosteel America Inc., a subsidiary of the Shanghai, China-based Baosteel Group. The new owner will use the site as its headquarters, relocating from Hackensack, NJ. Accordia-Meritage was represented by Dave Opper and Rob Norton with CB Richard Ellis, and Baosteel America was represented by Glen Dolmage with MRH.

Baosteel will share its new headquarters building with Valley Health Care Systems, which signed a lease with the Fairfield, NJ-based Accordia and the Scarsdale, NY-based Meritage just prior to the sale. Meritage’s share of the ownership had been on behalf of its Meritage/Oppenheimer Real Estate Value Partners I LP multi-property investment fund.

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