WAYNE, NJ—CBRE brokered the sale of the former Toys ‘R’ Us corporate headquarters, a 621,000 square-foot complex at One Geoffrey Way in Wayne, NJ. The buyer, who was not identified, has plans to enhance the site for multiple uses. Financial terms were also not disclosed.
CBRE’s Jeffrey Babikian, Robert L’Abbate, Allyson L’Abbate, Nor Ramos and Brian Godau represented the seller, Toys ‘R’ Us Property Company I and Raider Hill Advisors, a private real estate investment and advisory firm, acting on behalf of the bankrupt toy company. Raider Hill was hired in July 2018 to maximize the value of the Toys ‘R’ Us real estate portfolios, which included approximately 284 properties in 46 states totaling 14.5 million square feet.
“The chance to own a site like One Geoffrey Way does not come around often,” says Babikian, a CBRE executive vice president. “Not only is the new ownership securing a world-class office complex, but also a one-of-a-kind development opportunity to enhance a site that offers a beautiful campus-like setting with a scenic view and numerous amenities not to mention proximity to New York City.”
Situated on about 191 acres overlooking a scenic lake-like reservoir, One Geoffrey Way housed the Toys ‘R’ Us headquarters for 16 years. The world-class facility consists of two interconnected class A office buildings. The facility, which was built in 1962 and served as the original headquarters for American Cyanamid, was completely renovated into a state-of-the-art office building when Toys ‘R’ Us took occupancy.