GVA Williams of New Jersey, Parsippany, represented both sides of the table in the transaction. Terms of the sale were not disclosed, although a GVA Williams spokesman describes the sale price as being "in excess of $7 million."
Financing for the acquisition was arranged by David Csontos, managing director of Insignia/ESG, Saddle Brook, NJ. The loan, provided by HSBC Bank USA, is a $5 million floating rate interim package with an option to convert to a fixed-rate permanent loan. Additional financing was provided by M&T Bank of New York, which was also represented by Csontos.
The building, located off of I-80, is currently more than 95% leased to such tenants as Bowne Global Solutions, a consulting firm; TEK Systems, an IT infrastructure and applications company; and MDL Information Systems.
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