CBRE announced the sale of Continental Plaza in Hackensack for $123,000,000, the highest price paid for an office building in Bergen County in over five years and the largest sale of a multitenant office building in suburban New Jersey year-to-date.
Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer and Zach McHale of CBRE Institutional Properties represented the seller, Capstone Realty Group and JD Companies, and procured the buyer, Lionstone Capital.
This is the second consecutive year that CBRE was responsible for the largest office sale in Bergen County, after selling Park 80 West in Saddle Brook for $115.5 million, also to Lionstone Capital, in 2018 and comes on the heels of CBRE’s recent sale of American Metro Center for $84.7 million.
Recently repositioned by the seller, Continental Plaza which consists of three office buildings and a restaurant pad site totaling 647,947 sq. ft., offers occupants a unique tenant experience through brand new amenities including a first-class fitness center, conference center with individual breakout rooms, tenant lounge and full-service cafeteria. The improvements have driven the occupancy to 91% from 69% when the complex was acquired in 2016. The building’s location in Central Bergen County, adjacent to two institutionally owned retail centers and minutes from the George Washington Bridge, enhance the offering to tenants.
“Capstone and JD did a phenomenal job with the renovations at Continental Plaza and the new amenity base will continue to attract new tenants and retain existing tenants,” said Jeffrey Dunne, Vice Chairman, CBRE. “We fully expect the buyer to benefit from these new amenities and the property’s strong cash flow.”
“Continental Plaza represents a major success story where ownership made a significant capital investment, upgraded the building systems and created a first-class amenity program resulting in a truly special tenant experience,” added Jeremy Neuer, Executive Vice President, CBRE. “Today’s tenants crave amenities that will help attract and retain talent and Continental Plaza checks all the boxes.”
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