Search
 

Bergen Community Colleges Goes to School in the Meadowlands

LYNDHURST, NJ-Bergen Community College is set to purchase a 121,314-square-foot office building here for use as its south Bergen County campus.

By Maria Wood | Updated on September 02, 2009

LYNDHURST, NJ-Bergen Community College is set to purchase a 121,314-square-foot office building here for use as its south Bergen County Campus. Mack-Cali Realty Corp. is divesting itself of 1280 Wall St. West for $13.8 million to the Paramus-based two-year college. BCC then plans to spend another $7.5 million to renovate the five-story building, making for a total investment of $21.4 million.

The Bergen County Improvement Authority was scheduled to vote Wednesday on the issuance of nearly $19 million in bonds to finance the acquisition. The bonds will be repaid over 30 years by the college through a lease arrangement with the authority. As part of the Build America Bonds program, the federal government will pay 35% of the interest on the bonds, which will save BCC nearly $7.5 million over the duration of the 30-year-agreement, coincidentally making up the renovation costs. The college is kicking in $2.5 million toward the improvements in the building.

According to college president Dr. G. Jeremiah Ryan, the dislocation of the commercial real estate market made the building affordable. “What might have been an otherwise totally unavailable class A office building came within our striking distance,” he tells GlobeSt.com. “We had always planned to have a presence in the Meadowlands. In fact, we had first thought of building a building within the sports complex, which would have cost between $35 million and $55 million. This way we are saving the taxpayers $30 million and getting a building two years early.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.