Well-Located Bergen County Properties Sold to Private Firm, Frisch School
Paramus, N.J., Dec. 5, 2017 – Cushman & Wakefield’s Metropolitan Area Capital Markets Group brokered the sale of two office buildings located at 80 and 100 West Century Road in Paramus to 80 W. Century LLC and The Frisch School, respectively. The buildings were acquired by M&T Bank in its 2015 acquisition of Hudson City Savings Bank.
“Both buildings generated a significant amount of attention within the Bergen County community given their desirable Paramus location in addition to their proximity to lifestyle amenities and major retail corridors, as well as easy access to highways and nearby executive housing,” said Cushman & Wakefield Associate Director Frank A. DiTommaso II.
“Each offering presented unique opportunities for both investors and developers. Ultimately, after a very competitive bid process, two different local users were selected,” said Cushman & Wakefield Vice Chairman David Bernhaut.
Cushman & Wakefield, a global real estate services firm, served as exclusive sales agent for M&T Bank. In New Jersey, the team of David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer and Frank DiTommaso II orchestrated the sale with assistance from the leasing team of David Sherman, David DeMatteis and Mark Zaziski. The deal also involved close collaboration with William Hartman and Lou D’Avanzo based in the New York City office of Cushman & Wakefield. The Cushman & Wakefield team worked directly with Patricia Dore, Administrative Vice President for M&T Bank, and the Bank’s Senior Corporate Real Estate Manager for, among other areas, the Greater New York City and New Jersey Regions’ corporate real estate portfolio.
“This is an excellent example of Cushman & Wakefield’s multiple service lines working together to serve the needs of our corporate clients,” said Cushman & Wakefield Vice Chairman Andrew Merin.
A private entity plans to relocate to 80 W. Century Road and occupy a portion of the space. The remaining available space will be marketed for lease. M&T Bank will continue to operate its retail bank branch at the property, located immediately off of the entrance lobby.
The iconic building at 80 West Century Road, offering approximately 70,000 square feet of space on 3.5 acres, drew strong interest from local and regional developers, according to Cushman & Wakefield. The building is located immediately off of Routes 17 and 80. In addition to its ideal location in Bergen County just 15 miles west of New York City, the property offers a unique design and flexible 15,000+/- square foot floor plates that cater to local demand.
The single-story, 25,000-square-foot building at 100 W. Century Road was purchased by The Frisch School, a co-educational high school, whose main campus is located adjacent to the property.
“This was a natural acquisition for The Frisch School, which has been expanding their operations to meet their growing needs,” said DiTommaso.
Based in East Rutherford, New Jersey, Cushman & Wakefield’s Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily, land and retail properties throughout New Jersey, New York, and Fairfield County, Connecticut. The team has completed more than $26 billion worth of transactions since 2000, closing over $3.2 billion in sales in 2016.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.