Arranging the sale was Cushman & Wakefield's Metropolitan Area Capital Markets Group, which consisted of Andrew Merin, Gary Gabriel, David Bernhaut and Jose Cruz. Merin tells GlobeSt.com that his team was brought on board to sell the property in late January. "It was a highly watched deal not only in New Jersey, but the region," he says. "There are few transactions taking place, but we were able to find a market for a vacant office building." He also declined to reveal the sales price, but said both seller and buyer were "pleased."

Having an all-cash buyer further facilitated the deal. "In today's market, buyers are not only looking at price, but the capital stack" of the buyer, Merin states. Back in 2003, the building, which was built in 1990, was sold by Daewoo International (America) Corp. to an affiliate of Heyman Properties of Westport, CT, for $20.5 million.

Altman says that several medium-size and large users have expressed interest in renting space in the building. "I was shocked by the number of inquiries," Altman says. He declines to specify the asking rents for the building, but says that class A space in the state typically leases from the mid- to high-$20s per square foot. To recreate the building today would cost between $250 to $350 a square foot, he adds. The previous owner renovated the lobby with stone flooring, wood wall paneling and designer furniture for $1 million, Altman notes.

The property sits within the 60-acre Overpeck Centre, which is adjacent to the junction of Route 46, Interstate 80 and the New Jersey Turnpike. It has an historic occupancy rate of more than 90%. The mixed-use office park serves as home to Bank of America, Samsung and AGFA. It is the only office park in Northern New Jersey to have its own exit off the Turnpike--Exit 68. The complex offers access to mass transit and is within walking distance to a 22-acre county park.