SADDLE BROOK, NJ–L & L Holding Co. has completed financial restructuring for its Park 80 West office complex in Saddle Brook. Pearlmark Real Estate Partners (formerly Transwestern Investment Co.) has made a “sizeable investment” to help stabilize the building finances, according to L & L.
In addition, CBRE, which maintains an office at Park 80 West, will assist in securing new tenants for available space at the 550,000-square-foot complex. L&L Holding Co. will continue to serve as owner/operator.
The new business plan allows for immediate resumption of capital improvements, routine maintenance, tenant improvement allowances and leasing fees, says Robert Lapidus, president of L & L. The company faced imminent default on its $100 million mortgage for the property, situated at the intersection of Interstate 80 and the Garden State Parkway when refinancing discussions were begun in December 2009 at the peak of the national commercial real estate and financial crises.
“We greatly appreciate the patience of our partners, our tenants and suppliers as we worked through what was clearly a difficult period in our tenure as owner of the property”, said Lapidus. “However we have now successfully navigated through the worst of the storm and look forward to once again being in a position to operate the property in the first class manner for which L&L Holding Company is known.”
Max Meyers, the Pearlmark vice-president who negotiated the structured investment by his company, said “We are extremely excited by the opportunity to step back into an ownership position in the premier office complex in Northern New Jersey.”
Meyers said the new business plan puts Park 80 on track to be revived as “the best in its class.”
Besides CBRE, the current tenant roster includes New York Life, the Federal Aviation Administration and Catalina Marketing, among others.
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