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FORT LEE, NJ-The 139,000-sf office building at 2100 North Central Rd. here has been sold for the second time in two years, GlobeSt.com has learned. The building traded for $44.4 million, or just more than $319 per sf, and is said to be one of the highest prices per square foot ever paid for an office building in the submarket.

The sellers were the Morristown-based Normandy Real Estate Partners and joint venture partner Wafra Investment Advisory Group, which acquired it less than two years ago. The buyer was a local private investor, which a spokesman for Normandy identified for GlobeSt.com as 2100 North Central LLC.

For the sellers, the sale culminates a value re-engineering of the asset. As reported by GlobeSt.com, Normandy and Wafra bought the class A asset in mid-2005 from US Realty Advisors for $33.7 million, or about $242 per sf. At the time of that acquisition, the building was fully net leased to Mellon HR Solutions, a subsidiary of Mellon Financial Corp., through 2012. At about the same time, Mellon HR was acquired by Affiliated Computer Services and subsequently vacated the premises, although the lease was guaranteed by Mellon Financial.<p."We were able to structure a lease termination agreement with Mellon while at the same time identifying a user/buyer who was in need of a vacant headquarters office building," Giorgios Vlamis, a director at Normandy, tells GlobeSt.com. "By being able to work that out, we were able to achieve all of our investment objectives, as well as those of Mellon and of the buyer."

The 13-story building is made up of seven floors of office space over six levels of parking, three of which are below grade. It sits on a one-acre site adjacent to the George Washington Bridge, not far from the intersections of Interstates 80 and 95 and Route 1/9.

Normandy was represented in the latest transaction by Andrew Merin, vice chairman, David Bernhaut executive vice president, Gary Gabriel, executive director, and Jose Cruz, senior director of Cushman & Wakefield of NJ, East Rutherford. Meister Seelig & Fein provided legal counsel.

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