Hartz Mountain Sells Woodcliff Lake Office Building for $36M
Secaucus, NJ-based Hartz Mountain sold 155 Tice Blvd. to Sheila Properties. The property is fully-occupied by Eisai, Inc., the American subsidiary of global Japanese-based pharmaceutical company Eisai Co. Ltd.
WOODCLIFF LAKE, NJ—Hartz Mountain Industries has traded a fully-occupied 118,000-square-foot office building here for $36-million.
Secaucus, NJ-based Hartz Mountain sold 155 Tice Blvd. to Sheila Properties. The property is fully-occupied by Eisai, Inc., the American subsidiary of global Japanese-based pharmaceutical company Eisai Co. Ltd., a leading research and development based pharmaceutical company specializing in neurological and oncological diseases. Eisai has a long-term lease for the entire building.
155 Tice is dedicated to Eisai’s oncology, clinical research, medical services, and global regulatory compliance divisions. The sale of the property was announced by commercial real estate services firm Cushman & Wakefield, which brokered the deal.
“Eisai has been making its home in Woodcliff Lake for over a decade as part of northern New Jersey’s growing life sciences/pharmaceutical sector,” says Cushman & Wakefield’s David Bernhaut, who represented the seller and procured the buyer along with C&W’s Andrew Merin, Gary Gabriel, Brian Whitmer and Kyle Schmidt. “This offering presented an excellent opportunity to acquire a solid long-term net leased investment to a credit worthy tenant.”
The three-story 155 Tice Blvd is located on 10 acres and is near the Hilton Hotel and upscale Tice’s Corner shopping mall.
“The Woodcliff Lake/Montvale office market has been benefitting from growth in the residential market which has led to the addition of large retailers and lifestyle tenants such as Wegman’s, Lifetime Fitness and The Fresh Market,” Bernhaut notes. “In turn, the range of housing and retail options is having a direct benefit on the commercial sector.”