According to the Michael Weiss, managing director of Kingsland's real estate advisor Studley, the deal nearly fell through at the eleventh hour when the buyer's lender froze all of its credit lines. Weiss tells GlobeSt.com that he renegotiated an agreement in which the seller agreed to hold a short-term mortgage on a portion of the purchase price, while the buyer paid the difference from its own capital.

"The buyer can seek permanent, long-term financing from a third-party lender once credit is freed up again," Weiss says. "In the meantime, this agreement was advantageous for the buyer and the seller, 501 Bergen LLC, who didn't want to forfeit the sale as a result of the current credit market." Studley could not discolse the purchasing price.

Kingsland chose the building primarily because of its location, which is adjacent to the Harrison PATH station. "In addition to fulfilling its immediate space requirements, this building, which is also zoned for multiple types of commercial uses--including office and retail--provides the buyer with an excellent long-term investment, on a highly trafficked corner in a city that is undergoing major improvements," Weiss explains.