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WAYNE, NJ-A partnership of Prism Capital Partners LLC of Englewood, NJ and the New Boston Fund, Boston, has acquired 1655 Valley Rd., a 160,000-sf class A office building here, for an undisclosed price. The building was sold by Kushner Properties, the commercial property arm of Kushner Cos., Florham Park, NJ, which had bought it in late 2001 as part of a larger portfolio acquisition.

The three-story building is currently vacant and available for lease. It was formerly occupied by Reckitt Benckiser, the UK-based cleaning products maker, which used it as its US headquarters before downsizing and relocating to Parsippany. The asset’s 11-acre site is also cleared for an expansion of up to 27,000 sf.

“It is a great repositioning opportunity, and it drew significant bidding,” says Jose Cruz, a senior director with Cushman & Wakefield’s Metropolitan Area Capital Markets Group, which orchestrated the sale. “Prism and New Boston had competition from several other interested investors.”

Kevin Swill, president of Kushner Properties says the disposition was a strategic play for the company.

The property’s amenities include a full-service cafeteria and 580 parking spaces. Corporate neighbors include JVC, BP Amoco, Valley National Bank, Washington Mutual, Boston Scientific and William Paterson University.

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