"The sale of the headquarters is part of our ongoing plan to streamline costs and improve our capital structure," says Edward M. Kopko, the company's chairman/CEO, who along with Butler's CFO and vice president of IT has already moved to the company's leased space in Florida. "The net proceeds from the sale of the facility will be used to retire debt."
Although an asking price hasn't been released, those sale proceeds could be "in excess of $10 million," in the estimation of Geoffrey Schubert, SVP of CB Richard Ellis, Saddle Brook, who's heading the exclusive assignment. That would put the building, which sits on a 17-acre site in this Bergen County community, in the $120 per sf ballpark.
"It's a great property in a great market," Schubert tells GlobeSt.com. "We're handling a lot of business in that market. We're seeing a lot of activity on this building."
The assignment is being handled, at least initially, as an investment sale, according to Schubert. Butler itself occupies about one third of the building, and is expected to stay in place at least through January 2007. Dowden Health Media, a publishing company, also occupies a large block of space at 110 Summit Ave., and other tenants include Chief Executive Group and Elite Investment Group.
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