The deal was arranged by brokers from the CB Richard Ellis New York Tri-State Region Institutional Group, including Jeffrey Dunne, Kevin Welsh and Jeffrey Oram. The trio represented the seller and brought the buyer to the table. The brokers and seller declined to identify the buyer, only describing the building's new owner as "an institutional investor."
At the time of sale, the building was approximately 95% leased, with more than 80% of that space taken by two major credit tenants. United Parcel Service occupies 65,000 sf for a regional office, and NCO Financial Systems occupies more than 25,411 sf. The building is also Raia Properties' headquarters.
The Office Center at Ramsey occupies an 8.6-acre site near Route 17 near I-287 and the Garden State Parkway. Features include a courtyard providing window lines to interior spaces, a café and covered executive parking.
The sale marks the third the CBRE institutional group has brokered in New Jersey recently, following the $134-million sale of Edgewater Commons in Edgewater and Dixon Mills Apartments in Jersey City ($78.5 million). And the group is currently marketing several Garden State properties, including 299 Madison Ave., a 57,000-sf office building in Morristown; Jefferson Plaza, a 172,000-sf, two-building office complex in Whippany; and Edison Mall, a 104,000-sf grocery-anchored strip in Edison.
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