According to a source, the transaction was arranged by Jeffrey R. Dunne and Jeffrey J. Oram of CB Richard Ellis' Tri-State Investment team, who represented the seller and brought the Boston-based buyer to the deal. Neither the identity of the seller nor the sale price were disclosed. However, one source estimates that the price is in the $18-million range. The various parties involved in the sale declined to comment.
The three-story Eagle Rock II itself, which features a two-story atrium, is currently 95% leased to multiple tenants including Liberty Mutual, accounting/consulting firm Friedman LLP, data warehouser Conversion Services International and Key Strategies Inc., an executive recruitment firm. Built in 1987, the building sits near I-287. The available space is being listed by CBRE at $20.50 per sf.
TA Associates, meanwhile, has been active recently in buying and selling office product in the New Jersey marketplace. Just a week ago, as reported by GlobeSt.com, TA sold the 271,000-sf 99 Wood Ave. in Iselin, NJ, in the MetroPark submarket. Rreef was the buyer in that transaction, paying an estimated $70.5 million, according to a source.
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