The deal, which closed late last week, was brokered by Adam Spies and Douglas Harmon of Eastdil Secured of New York City. The deal was also concluded with the help of a $63-million, floating rate, three-year bridge loan arranged chairman Howard Michaels, partner Michael Campbell and managing director John Raggio of Carlton Advisory Services of Manhattan.

The proceeds of that funding will be used by Chetrit and partners both for the acquisition of the asset and its ongoing repositioning. The building was 50% leased at the time of sale and undergoing a repositioning project that had been launched by Witkoff. The available space is currently listed on the website of exclusive leasing agent Newmark Knight Frank with an asking price of $27.50 per sf.

The 13-acre property consists of Fort Lee Executive Park One, a six-story, 240,000-sf building, and Two, a nine-story, 360,000-sf asset. The buildings, completed circa 1980 are also linked to a six-story covered parking structure, and the complex overlooks Route 4 and I-95 near the George Washington Bridge. Their 38,500-sf floorplates are said to be the largest in the local market.