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ROCKAWAY, NJ-WP Commercial LLC, based in Chatham, NJ, has acquired 80 West Corporate Center here. The seller was Simon Properties; the sale price was not disclosed. The 93,000-sf office building is situated adjacent to Rockaway Townsquare, an enclosed super-regional shopping mall, as well as the new, 160-room Hilton Gardens Hotel. The site is at a four-way interchange with I-80.

The three-story building is currently vacant and is now in the process of undergoing a major redevelopment. “We plan to renovate the asset and elevate it to class A status,” according to Mark Schaevitz, COO of the New York/New Jersey region for WP Commercial. “The building upgrades will include a new façade, mechanical systems, restrooms and lobby. We expect construction to be completed by this October. This property has a lot of potential.”

WP Commercial owns and manages more than five million sf in the New York/New Jersey market, as well as metro Boston and metro Washington, DC. The firm was formed last year with an initial equity commitment of $75 million as a venture between the Whitehall Fund and senior management from the former Wellsford Commercial Properties Trust.

According to Richard Previdi, president and CEO of WP Commercial, “our core business is to reposition and rehabilitate well-located but underutilized assets into class A office buildings. Eighty West Corporate Center is a vacant building with dated architecture and obsolete building systems. This is exactly the kind of raw material we look for as we work to create value.”

WP intends to model the renovation project on turnarounds the company has already completed at Mountain Heights Technology Center and Morris Technology Center, both located in the Morris County submarket. The building is available in its entirety, or in space units from 15,000 sf and up.

Steve Frank, senior vice president at CB Richard Ellis in Paramus, NJ, brokered the sale of 80 West Corporate Center on behalf of the seller. WP Commercial subsequently appointed him exclusive leasing agent for the facility.

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