Continental Plaza, an office building in Hackensack, New Jersey, has sold for $123 million, the highest price paid for an office building in Bergen County in over five years.
The deal also marks the largest sale of a multi-tenant office building in suburban New Jersey year-to-date.
Continental Plaza extends 647,947 square feet and includes three office buildings and a restaurant pad site. It is located in central Bergen County next to two major retail centers and minutes away from the George Washington Bridge.
Brand new amenities added since the property was acquired in 2016 have increased occupancy from 69 percent to 91 percent. These amenities include a new fitness center, tenant lounge, full-service cafeteria, and a conference center with separate breakout rooms.
CBRE announced the deal last week and represented the seller, Capstone Realty Group and JD Companies, and also procured the buyer, Lionstone Capital.
The sale was facilitated by Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer, and Zach McHale of CBRE International Properties.
“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, CBRE Vice Chairman. “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, CBRE Executive Vice President. “Today’s tenants crave amenities that will help attract and retain talent and Continental Plaza checks all the boxes.”
