SADDLE BROOK, NJ—CBRE's Institutional Properties team of Jeffrey Dunne, Kevin Welsh, Brian Schulz and Frank Maresca put their talents to use on the home court, representing a CBRE-sponsored fund in the purchase of Park 80 West in Saddle Brook, NJ. The team represented a fund sponsored by CBRE Global Investors—an independently operated CBRE affiliate—and worked closely with the seller, a joint venture between Pearlmark Real Estate Partners and L&L, to close the sale before a debt maturity deadline.

“The acquisition of Park 80 West provides CBRE Global Investors with a premier office asset defined by its iconic location at the intersection of I-80 and the Garden State Parkway,” says Dunne. “CBRE Global Investors demonstrated its ability to quickly understand and overcome challenges, which was critical in meeting the very short closing timeframe required by ownership.”

Park 80 West consists of two class A office buildings with attached parking garages. The property features new common areas renovated in 2014, and has a range of amenities, including manned and roving security, a full-service cafeteria, a fitness center, a boardroom, a dry cleaning service, on-site property management, and 90 percent covered parking. There are two hotels and three regional malls adjacent to the property and numerous dining options and national retailers along nearby Routes 4, 17 and 46.

The property is 73 percent leased to a diverse tenant roster including several investment-grade companies, with no tenant accounting for more than 5.3 percent of the property. Park 80 West's premier market position is illustrated by its strong history of tenant retention, with only two major tenants vacating over the past 20 years. Further, the property has experienced strong recent leasing activity, with approximately 210,000 sq. ft. of leases completed since January 2013.