WAYNE, NJ-Prism Capital Partners has sold 1655 Valley Rd., a 163,000-square-foot, four-story office building, to a New York-based REIT for $14.2 million. The building, constructed in 1987, was once the headquarters of Reckitt Benckiser. Prism acquired the building after Reckitt vacated, eventually signing a lease with UPS’ technology business operations as a long-term anchor.
“This well-located asset, on the border of Bergen and Passaic counties, attracted considerable interest,” says Gene Diaz, founder and principal of Englewood, NJ-based Prism. “We were able to successfully reposition this building, which was vacant when we acquired it as a value-added opportunity.” The site can support a building expansion of 24,000 square feet. The sale was arranged by Newmark Knight Frank.
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