The three-story office building was built in 1938 as the Webb school, and converted for office use in 1986 with a $4-million renovation. The property won the "Historical Building of the Year" award of the Building Owners and Managers Association in 1987.
Allegiance Capital Partners of New York City will be handling day-to-day responsibilities at the property. Newmark and Co. Real Estate has been retained as the exclusive leasing agent.
"We hope to fill a void in the market for equity capital participation in acquisitions of $15 million and less, and put our capital to work with partners who are strong real estate professionals in their own right," says George Yerrall, managing director of RiverOak Investment.
RiverOak Investment Corp., which was formed in 1999, is currently in negotiations to acquire a 109,000-sf office/flex space development in Wall Township in New Jersey and a self-storage site in Bergen County, NJ, DeNardo says.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
