SADDLE BROOK, NJ—CBRE Group Inc. announced that its Institutional Group collaborated with the firm’s Midtown Manhattan and Saddle Brook offices to represent Fifth & Pacific Companies Inc., formerly Liz Claiborne Inc., on the sale of 5901 West Side Avenue in North Bergen, N.J. The team was also responsible for procuring the buyer, an affiliate of Real Capital Solutions of Louisville, Colo.
The team of Jeffrey Dunne, vice chairman; Kevin Welsh, senior vice president; and Brian Schulz, senior associate teamed up with Amanda Bokman, senior vice president in CBRE’s Midtown Manhattan office and David Opper, senior vice president, of CBRE’s Saddle Brook office to complete the transaction.
5901 West Side Avenue is a 296,554-sq.-ft. headquarters quality office building, which was designed and developed for FNPC’s use in 1993. The Property serves as its headquarters for its legal, finance, operations and logistics, IT and other support functions. FNPC decided that it would sell the building and leaseback approximately 100,000 sq. ft., or 33 percent of the building, long term.
The property’s location approximately five miles from Manhattan and just two miles from the four way interchange of the New Jersey Turnpike and Route 3 provides access to a broad labor base and direct connection to Midtown Manhattan via the Lincoln Tunnel in less than 10 minutes.
The property’s features include highly divisible floor plates with two distinct cores, redundant electrical power and excess cooling and electrical capacity. The infrastructure provides maximum flexibility to accommodate both full floor and multi-tenant requirements.
The building also features an enhanced amenity package including a five-story lobby, conference center, full service cafeteria, fitness center with locker rooms and showers, and an above standard parking ratio of 4.9 cars per 1,000 sq. ft., of which 80 percent is covered. These features uniquely position the property as one of the newest buildings in the Meadowlands market with above standard infrastructure ideal for attracting today’s tenants seeking higher density infrastructure.
“The acquisition provided Real Capital Solutions with the unique opportunity to acquire a well located, corporate headquarters quality office building with excellent access to Midtown Manhattan and major highways at an attractive basis with substantial upside through the leasing of the vacant space along with the long term lease of FNPC,” Welsh said in a statement.
The CBRE New York Institutional Group specializes in the sale of investment properties in the suburban markets surrounding New York City as well as select regional markets throughout the country. The Group services a prestigious client base of institutions, corporations, private investors, developers and REITs and has closed over $9 billion in property sales in all property types over the last five years.