A 187,951-square-foot New Jersey office building was sold for $31.25 million by 1200 Wall SPE LLC, an entity controlled by the Gale Company.
1200 Wall Street, a six-story office building, in Lyndhurst, N.J., is on a nearly 8-acre site within the Meadowlands Corporate Center. It is currently almost completely leased to eight tenants, and anchored by three investment grade tenants: Quest Diagnostics, General Services Administration and Citizen Watch Company.
The property is in one of New Jersey¹s best suburban office submarkets, approximately one mile west of the New Jersey Turnpike and within 10 miles of Midtown Manhattan via the Lincoln Tunnel.
The immediate area surrounding the property is undergoing a dramatic transformation with significant retail, residential, office and hotels planned in three major developments: EnCap¹s Meadowlands Golf Resort Village, Meadowlands Xanadu and AvalonBay Communities.
“The new, adjacent development projects will positively transform the southwestern part of the Meadowlands market area and usher in a new era of economic viability creating a more vibrant business, retail, residential and recreational community,” said Jeffrey Dunne of CB Richard Ellis’ New York Tri-State Investment Team, which represented the seller in the deal.
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