139,000-SF Building Sells for $319 Per SF

The sellers were the Morristown-based Normandy Real Estate Partners and joint venture partner Wafra Investment Advisory Group, which acquired it less than two years ago. The buyer was a local private investor, which a spokesman for Normandy identified for GlobeSt.com as 2100 North Central LLC.

For the sellers, the sale culminates a value re-engineering of the asset. As reported by GlobeSt.com, Normandy and Wafra bought the class A asset in mid-2005 from US Realty Advisors for $33.7 million, or about $242 per sf. At the time of that acquisition, the building was fully net leased to Mellon HR Solutions, a subsidiary of Mellon Financial Corp., through 2012. At about the same time, Mellon HR was acquired by Affiliated Computer Services and subsequently vacated the premises, although the lease was guaranteed by Mellon Financial.

The 13-story building is made up of seven floors of office space over six levels of parking, three of which are below grade. It sits on a one-acre site adjacent to the George Washington Bridge, not far from the intersections of Interstates 80 and 95 and Route 1/9.

Normandy was represented in the latest transaction by Andrew Merin, vice chairman, David Bernhaut executive vice president, Gary Gabriel, executive director, and Jose Cruz, senior director of Cushman & Wakefield of NJ, East Rutherford. Meister Seelig & Fein provided legal counsel.