“A number of properties have come onto the market in recent years, and today we are seeing them renovated and retenanted, or repurposed,” Johnsen says. “This is a changing market. Memorial Sloan Kettering purchased the former Teva Pharmaceuticals property and is converting it to a state-of-the-art cancer treatment facility. The Mercedes Benz campus is under contract and targeted for mixed-use redevelopment, which will complement the adjacent Wegmans development site. Chestnut Ridge Road was recently rezoned for assisted living. New retail and residential developments are being introduced. Within this context, 75 Chestnut Ridge Road has also found its next chapter.”

MONTVALE, NJ—75 Chestnut Ridge Road in Montvale, NJ, has been sold for $5.7 million, marking the continued transformation of a landmark Bergen County corporate neighborhood. Cushman & Wakefield orchestrated the sale from a private ownership entity to a Big Four professional services firm, neither of which were identified by Cushman & Wakefield.

Cushman & Wakefield office brokerage specialist Dan Johnsen, and Metropolitan Area Capital Markets Group team members Andrew Merin, David Bernhaut, Gary Gabriel and Brian Whitmer marketed the 60,000-square-foot, former Winebow headquarters building on behalf of the owner. Jeff Babikian of CBRE represented the buyer.

“Our goal was to sell the property to a user,” Johnsen says. “The buyer is planning to completely renovate the building.”

Beyond Cushman & Wakefield's success in finding a tenant with a local 60,000-square-foot requirement, this transaction is significant in that it punctuates the transformation of the Upper Garden State Parkway Submarket. The neighborhood evolved as a corporate hub housing numerous headquarters and class A office buildings.

“A number of properties have come onto the market in recent years, and today we are seeing them renovated and retenanted, or repurposed,” Johnsen says. “This is a changing market. Memorial Sloan Kettering purchased the former Teva Pharmaceuticals property and is converting it to a state-of-the-art cancer treatment facility. The Mercedes Benz campus is under contract and targeted for mixed-use redevelopment, which will complement the adjacent Wegmans development site. Chestnut Ridge Road was recently rezoned for assisted living. New retail and residential developments are being introduced. Within this context, 75 Chestnut Ridge Road has also found its next chapter.”