Praedium Sells 87,000-SF Office Building

The New York-based Praedium Group was represented in the transaction by a CB Richard Ellis team that included Lynn DeMarco, vice president-investment properties; Richard Danesi, senior vice president; and Brian Godau, vice president. The buyer was represented by Glenn Dulmage of Coldwell Banker Commercial Troast Realty Services, based in Paramus, NJ.

"1200 MacArthur Blvd. is one of the few multi-tenanted buildings in the area," says DeMarco. "We believe that the acquisition provides the buyer with a well-positioned asset and a good combination of diversity and stability."

The asset, which is located in extreme northern Bergen County near New Jersey's border with Upstate New York, is currently leased to multiple tenants. Among them are HydroQual Inc., an environmental firm, which occupies a total of 28,000 sf in the building. Other current tenants include Health Informatics Technologies, Arcadis and Charity Navigator, a non-profit organization.

The deal marks the second building that the Praedium Group has shed in New Jersey this year. Right after the first of the year, the firm closed on the sale of its Princeton Pike Corporate Center I in Lawrenceville to Brandywine Realty Trust of Plymouth Meeting, PA. The 112,000-sf class A asset traded for a reported $20 million, or about $179 per sf. CBRE was also involved in the earlier transaction.