Cross River Purchases Office Building at 2115 Linwood Ave. in Fort Lee from Mack-Cali
FORT LEE, N.J., May 10, 2019 – The Cushman & Wakefield-orchestrated off-market trade of 2115 Linwood Ave. in Fort Lee has secured a growing financial services organization’s continued, long-term presence in New Jersey. The commercial real estate services firm’s David Sherman, Executive Managing Director, headed the team representing Cross River in its purchase of the 70,000-square-foot, Class A property from Mack-Cali.
Supported by a Grow NJ grant, Cross River will relocate 200 employees from the bank’s current Fort Lee headquarters to the new site, with plans to add more than 250 new jobs. The company – known for its innovative use of new technology – initially will occupy approximately 36,447 square feet at 2115 Linwood Ave. and will take on additional space in the five-story building as its employee base grows.
Cross River considered a competing location in Orangeburg, N.Y. “Cross River’s changing needs dictated a close look at multiple expansion solutions,” noted Sherman, who spearheaded the site search and negotiation with Marc Trevisan, Executive Managing Director. “Ultimately, however, the company wanted to stay in Fort Lee – where it was founded and where it has thrived. We helped Cross River’s leadership pinpoint 2115 Linwood Ave. as the ideal, high-image and highly functional target location and approached Mack-Cali to propose the sale. The company’s willingness to part with this trophy asset created an outstanding opportunity for our client.”
Established in 2008, Cross River merges the established expertise and traditional services of a bank, with the forward-thinking offerings of a technology company. The bank makes a point of staying on the cutting edge of emerging “Fintech,” or financial technology. This focus on innovation has brought Cross River significant acclaim in the banking and fintech industries, including being recognized as the “Most Innovative Bank” at the LendIt Fintech Industry Awards in 2017 and 2018, as well as being named to Forbes’ 2019 list of “Most Innovative Fintech Companies.” Cross River’s commitment to supporting employees and fostering a healthy work/life balance also earned the bank a spot on American Banker’s “Best Fintechs to Work For” list.
“At a time when New Jersey is hyper-focused on attracting and retaining high-growth, innovative companies – those that support the creation of new white-collar employment – this investment by Cross River in Fort Lee is a real win for the state,” Sherman added. “We are proud to have played a role in this significant transaction, which will have a direct and lasting impact on the region’s economic progress.”
Cross River’s Phil Goldfeder, senior vice president of Public Affairs, credited the Cushman & Wakefield team for its efforts. “David and his group went the extra mile to help us identify and obtain the property we wanted in the state we have always called home. We look forward to beginning the next chapter of our growth as a New Jersey company.”
Situated near the approach of the George Washington Bridge, just minutes from Manhattan, 2115 Linwood Ave. is highly visible from I-95. The property is located in the heart of a prestigious corporate neighborhood, offering convenience to downtown Fort Lee and its abundant retail, dining, hospitality and business services and restaurants.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.