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Two-Building Office Sells for $88M

FORT LEE, NJ-A partnership led by Joseph Chetrit now owns the 609,000-sf Fort Lee Executive Park, currently undergoing a repositioning.

By Eric Peterson | Updated on April 16, 2008

FORT LEE, NJ-Taken as a sign by one observer that, “deals are still being done in this current market,” the 609,000-sf Fort Lee Executive Park has been sold for $88 million, or just more than $144 per sf. The new owner of the two-building complex is a partnership led by New York City-based Joseph Chetrit. The seller was a partnership headed by the Witkoff Org., also Manhattan based, which bought it just more than a decade ago for a reported $45 million.

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.

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