The buildings' ownership, New York City-based L&L Park 80 LLC, was represented by Cheryl Hardt, first vice president at CB Richard Ellis, which has its main New Jersey office at the complex. JBA Associates was represented by Michael Maroon of the Acclaim Group, based in Cranford. Terms were not released; availabilities amounting to approximately 50,000 sf are currently listed with asking rents indicated as "negotiable."
"Park 80 West is currently experiencing a tremendous amount of leasing activity," says Hardt, whose firm recently reported upwards of 100,000 sf of new leases and renewals this year at the site. "The property continues to retain and attract such a diverse scope of tenants from the services sectors."
Located at the intersection of I-80 and the Garden State Parkway in Bergen County, Park 80 West's layout includes the Plaza I building, consisting of 224,000 sf on eight floors. Its companion Plaza II building rises 11 floors and total 264,000 sf of rentable area. JBA Associates' occupancy is in the Plaza II building.
L&L Acquisitions, headed by Robert Lapidus and David Levinson, acquired the landmark property in early 2005 from Transwestern Investment Co. and Aslan Realty partners for an undisclosed price. The new owners subsequently launched a multi-million-dollar capital improvement program at the site.
The ownership became known as L&L Park 80 LLC in late 2005 when Zurich Global Investment partners, also based in New York City, bought in as an equity partner. Details were not released, but sources with knowledge of the transaction put Zurich's commitment in the $138-million range.
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