Search
 

Trophy Sales for Unilever Continue as CNBC Makes Plans for Englewood Cliffs Asset

ENGLEWOOD CLIFFS, NJ--Cable network will use the property for new executive offices and broadcast studio facilities.

By Eric Peterson | Updated on August 22, 2000

Unilever has been shedding HQ trophy properties in recent years, and reconfiguring its North American operations, most notably Lever House in Manhattan, which was snapped up by RFR Holding and is currently being rehabbed. The latest property to be jettisoned is 818 Sylvan Ave. in Englewood Cliffs, NJ, also known as Lever House. While not of the stature of Manhattan’s Lever House, it’s nonetheless a major landmark on NJ’s upper Hudson River waterfront.

The Garibaldi Group of Chatham transacted the deal, selling the building to Commercial Developments International-East, Inc. on behalf of seller Conopco, Inc., a Unilever subsidiary. CDI was repped by John A. Schepisi of the law firm of Schepisi & McLoughlin, Englewood Cliffs.

As an adjunct to the sale, CDI turned around and cut a deal with cable channel CNBC to put up an executive office complex and studio facility. To accomplish that, the existing 87,000-sf facility will be razed and a 300,000-sf state-of-the-art complex will be built. Approvals for the project have already been secured, including up to 500,000 sf of total development potential. CNBC has also received a $4.6-million, 10-year grant from the State of New Jersey, tied to job creation (160 additional jobs are expected).

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.