Further details, including the sale price, have not been disclosed. Sources estimate that the building likely traded for a number in the $16-million range. That price could not be confirmed, however.
Archon's predecessor company, Wellsford Realty Trust, bought the asset, then known as 80 West Corporate Center, from Simon Properties in mid-2001 for a similarly undisclosed price. The company subsequently launched a makeover of the then-vacant asset in a project that brought in BASF as a full-building tenant this past fall.
"This sale reflects the end of our value-creation cycle for this asset," McNamara says. "Both our development and leasing teams worked to redevelop the property into a class A building. The effort met all of our investment objectives."
In New Jersey, Archon has recently concluded several such dispositions, resulting in the closing of $200 million worth of sales in the past 12 months. Rockaway Executive Center, the latest disposition, is located just off I-80, adjacent to Rockaway Towne Mall and the Hilton Gardens Hotel.
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