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SADDLE BROOK, NJ-L&L Acquisitions has launched a modernization program for the two-building Park 80 West it purchased in January. The New York-based ownership, a partnership headed by Robert Lapidus and David Levinson, has also tapped CB Richard Ellis to lease and manage the class A property.

According to plans released by L&L, the two buildings, which total 484,000 sf, will get upgraded lobbies and other common areas, upgraded mechanical systems and an enhanced amenities package, including the addition of concierge service. The cost of the project has not been disclosed.

“Park 80 West has proven to be a sought-after address,” says CBRE senior vice president Donald Sperling, who with first vice president Cheryl Hardt is handling the leasing assignment. CBRE has its main New Jersey office in the complex.

“The enhancements initiated by L&L will reinforce the value for tenants, both existing and prospective,” Sperling says, adding that L&L is bringing a “sophisticated urban approach to a suburban property and market”

L&L bought the building from Transwestern for an undisclosed price. However, various industry sources put the sale price in the $85- to $90-million range. Transwestern itself had acquired the property in 2002 from Brandywine Realty Trust for a reported $75 million. The latter company had carried out an improvement project shortly after buying the complex in 1997.

Park 80 West consists of the eight-story, 224,000-sf Plaza I building and the 11-story, 264,000-sf Plaza II, with the two buildings connected by a ground level concourse lined with a variety of services. A full floor of 27,518 sf of space is expected to be made available for fall occupancy, according to Sperling.

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