Hampshire Buys Park 80 East

The Morristown-based Hampshire, a private real estate investment fund manager, picked up the asset on behalf of its Hampshire Generational Fund LLC. The seller was identified by a spokesman as "a private individual." The deal was a direct transaction with no brokers involved.

The sale price was not disclosed. One source estimates that the price was "north of $16 million," while other sources variously put the number in the $15-million to $18-million range. A spokesman for Hampshire would not confirm those figures.

The building itself sits on a 4.3-acre site at the intersection of Interstate 80 and the Garden State Parkway in North Jersey's Bergen County. Major tenants in the building include Sealed Air Corp., Liberty Mutual Insurance Co. and the US Government Services Administration. William A. Scully, executive vice president of the Hampshire Cos., says its "one of the most visible office properties in Northern New Jersey."

The Hampshire Generational Fund LLC, meanwhile, is a commingled, discretionary value-added real estate investment fund. It looks to buy office, industrial and retail product, and to invest in other real estate funds.

The sale of Park 80 East marks the complete turnover of the office product within the Park 80 complex in just the past seven months. As reported by GlobeSt.com, the two-building, 488,000-sf Park 80 West changed hands just after the first of the year, with the New York-based L&L Acquisitions, headed by Robert Lapidus and David Levinson, buying it from Transwestern in a deal put together by Eastdil Realty. Transwestern had bought it just three years earlier from Brandywine Realty Trust.

The sale price of Park 80 West was similarly not disclosed, but sources confirm that the number was in the $85-million to $90-million range. Shortly after closing on the building, L&L launched a modernization of Park 80 West.