GHP Realty Buys 95,000-SF Office Building

ROCHELLE PARK, NJ-GHP Office Realty of White Plains, NY has acquired 218 Route 17 North, a 95,000-sf multi-tenant office building. The asset is located at the newly completed Route 17 and 4 interchange, just south of the Garden State Plaza Mall. The terms and sale price of the transaction were not disclosed.

The deal is essentially a partial sale-leaseback, with seller Sanyo North America continuing to occupy much of the property. Other tenants include Wyatt Data Services and Servicio Uniteller, and approximately 25,000 sf of space is current vacant and available. Building features include a newly renovated two-story atrium, covered parking and on-site security.

The buyer was represented in the transaction by TRS of Paramus, NJ and Equity consulting of Scarsdale, NY. With the acquisition, GHP’s ownership presence in Bergen County, NJ now totals nearly 300,000 sf, with space available in increments from 1,000 to 60,000 sf.