Cruz had mentioned the beginnings of a trend toward acquisition of older suburban office properties as a “contrarian play,” and Nalbandian retorted, “We don't see any core deals, except a few MOBs (medical office buildings.)”

The NorthMarq executive said he has been frustrated trying to advise clients on potential office acquisitions in a still-depressed market environment, with the possibility of interest rate hikes hovering, and little evidence of other core deals being made to offer as “comparable” statistics.

“I'm trying to run comps – let's say at a 9% cap' rate, $130 per square foot pricing, because that's what I believe makes sense – and there are no comps. I can't find any.” Nalbandain said. “The client is saying: 'If we make the deal at that pricing, what is our exit plan? Who would be our exit buyer?'”

Without evidence to show there are other buyers who believe this is a reasonable climate in which to invest, Nalbandian said, many potential investors will not make a move.

“What will be interesting is when guys like Adam (Altman of KABR Group, another panel member) can stabilize some (value-add) deals that can serve as comps,” he added.

Altman, whose company specializes in reviving distressed properties, said his take on today's office market is that “the landlord has got to open the wallet, give a lot of refresh money, and do it quickly” to make a deal.

KABR has acquired four buildings at the Overpeck Centre office park in Ridgefield Park in the last several years. Two weeks ago, the company and partner Kushner Cos. announced that American Stock Transfer & Trust Co. will take 45,000 square feet at the 300,000-square-foot 55 Challenger Road building. The companies picked up the Bergen County property in 2012, when office leasing seemed to have a reached a new nadir, but when they had already successfully repositioned another building at the Overpeck Centre. See previous story here.