Jeffrey Dunne, Kevin Welsh, Jeffrey Oram and David Opper of CB Richard Ellis' New York Institutional Group represented a partnership operated by George Comfort and Sons, Inc. in the all cash sale of 9W Office Center for $53 million. The team was also responsible for procuring the buyer, The James Campbell Company, with Hart Realty Advisers serving as its investment advisor.
9W Office Center, located in Fort Lee, New Jersey, is a seven-story Class A office building totaling 215,274 square feet. The property is connected to a four-level parking structure providing approximately 90 percent covered parking and a parking ratio of 3.5/1,000 square feet, which is well above the competitive properties. 9W Office Center offers tenants an exceptional location with immediate access to the Palisades Interstate Parkway, I-95 and I-80 and other major roadways such as Routes 3 and 46.
It is a core location within the Palisades submarket, one of the prominent corporate headquarters locations in New Jersey, which further illustrates its market-leading position and premier status.
Jeff Dunne had the following comments on the sale: "9W Office Center's strong in-place NOI coupled with limited near-term rollover and attractive long-term upside from its below market rents was an ideal fit for the 1031 exchange requirements of The James Campbell Company."
Kevin Welsh added, "The sale of the 9W Office Center generated an exceptionally high level of investor demand due to its mix of credit tenants, its leading market position, current in-place yield, and 'lifestyle' work environment highlighted by a Kings Supermarket, Starbucks, Bank of America and a number of other services appealing to tenants that are adjacent to the property."
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), an S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2006 revenue). With over 24,000 employees, the Company serves real estate owners, investors and occupiers through more than 300 offices worldwide (excluding affiliate and partner offices). CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. In 2007, CB Richard Ellis was named one of the 50 "best in class" companies by BusinessWeek, and one of the 100 fastest growing companies by Fortune. Please visit our Web site at www.cbre.com.
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