$123M Bergen County Office Building Sale Sets New Record
Lionstone purchased the 647,947-square-foot, three-building complex from Capstone Realty Group and JD Companies, according to CBRE
HACKENSACK, NJ—In what is reported to be the highest price paid for a Bergen County office building in more than five years, Lionstone Capital has acquired the Continental Plaza office complex here for $123 million.
Lionstone purchased the 647,947-square-foot, three-building property from Capstone Realty Group and JD Companies, according to CBRE. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer and Zach McHale of CBRE Institutional Properties represented the seller and procured the buyer in the transaction.
The brokerage firm adds that the deal marks the largest sale of a multi-tenant suburban office building year-to-date. The property was recently repositioned by the seller and offers such new amenities as a first-class fitness center, conference center with individual breakout rooms, tenant lounge and full-service cafeteria.
CBRE reports the improvements have driven the occupancy at the Central Bergen County property from 69% when the complex was acquired in 2016 to 91%.
“Continental Plaza represents a major success story where ownership made a significant capital investment, upgraded the building systems and created a first-class amenity program resulting in a truly special tenant experience,” says Neuer, EVP of CBRE.
This is the second consecutive year CBRE brokered the largest office sale in Bergen County, after selling Park 80 West in Saddle Brook for $115.5 million, also to Lionstone Capital, in 2018 and comes on the heels of CBRE’s recent sale of American Metro Center for $84.7 million.