Cushman & Wakefield has Completed the Sale of 135,418-Square Foot Cityview Corporate Center in Meadowlands
LYNDHURST, NJ, Jan. 2, 2014 - Commercial real estate services firm Cushman & Wakefield has completed the sale of Cityview Corporate Center located at 160 Chubb Avenue in Lyndhurst, N.J. The firm's Metropolitan Area Capital Markets Group (CMG) team of Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Nick Karali represented the seller, working in conjunction with Cushman & Wakefield's Curtis Foster. Rugby Realty Co. Inc. of New Rochelle, N.Y., purchased the property.
The three-story office building totals 135,418 square feet on 8.36 acres with direct access to Routes 17 and 3. Originally constructed in 1979, the property was taken down to the steel and renovated in 2006, with common areas upgraded again in 2012. This provided a uniquely high-quality offering for the Meadowlands market, according to Cushman & Wakefield's Gabriel.
"Cityview clearly outperformed the marketplace with respect to leasing achievements," he noted. "It is now 80 percent leased and is easily considered to be one of the best buildings in the neighborhood."
"The sale represented a win-win for both buyer and seller," Gabriel added. "Rugby benefitted from an attractive basis while the seller was able to monetize its recent leasing achievements at the property."
Gabriel described the transaction as a counter-cyclical office investment that is also a positive sign for the suburban office markets of New Jersey. "Investors had become less enthusiastic about investment in suburban office markets through the past recession, and it is a good sign to see them venturing back to seize opportunities like this," he said.
"We are very happy with this transaction," said Maurice Ades, managing partner at Rugby. "It is the 15th property we have acquired in the last 24 months, and we believe the first of many for the New Jersey office market."
"The property offers an attractive design and versatile layout while the location has tremendous access to major highways and markets," added Curtis Foster. "In addition, the availability of public transportation and nearby Newark Liberty Airport have been key factors for new tenants." The company leased a total of 25,000 square feet during 2013 for three new tenants.
Based in East Rutherford, N.J., Cushman & Wakefield's Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Connecticut and Pennsylvania. The team has completed more than $17 billion worth of transactions since 2000.