FORT LEE, NJ—Polygon Plaza, a 90,000-square-foot office building at 2050 Center Ave., in the heart of Fort Lee's bustling redevelopment district, has traded for $22 million. A BFE affiliate sold the fully leased asset to H&M Group, a New York investor.
BFE acquired the building in 1994 for $6.4 million; the seller, Connecticut Mutual Life, had acquired it through a foreclosure. Today, Polygon Plaza is leased to a mix of small and mid-sized tenants, including many long-term occupants. Trans-Hudson Management, a BFE affiliate, will continue to manage the building for the new owner.
“BFE did a remarkable job stabilizing Polygon Plaza and enhancing its competitive position,” says Cushman & Wakefield's Andrew J. Merin, who represented BFE in the sale, with team members David Bernhaut, Gary Gabriel and Brian Whitmer. “In turn, the organization achieved an impressive return on its initial investment by going out to market at a time when office investment demand is rebounding, especially in desirable New Jersey Gold Coast markets like Fort Lee.”
Ashley Kim and Bowen Pak of Eastern International Realty served as co-brokers for the seller in the transaction.
FORT LEE, NJ—Polygon Plaza, a 90,000-square-foot office building at 2050 Center Ave., in the heart of Fort Lee's bustling redevelopment district, has traded for $22 million. A BFE affiliate sold the fully leased asset to H&M Group, a
BFE acquired the building in 1994 for $6.4 million; the seller, Connecticut Mutual Life, had acquired it through a foreclosure. Today, Polygon Plaza is leased to a mix of small and mid-sized tenants, including many long-term occupants. Trans-Hudson Management, a BFE affiliate, will continue to manage the building for the new owner.
“BFE did a remarkable job stabilizing Polygon Plaza and enhancing its competitive position,” says Cushman & Wakefield's Andrew J. Merin, who represented BFE in the sale, with team members David Bernhaut, Gary Gabriel and Brian Whitmer. “In turn, the organization achieved an impressive return on its initial investment by going out to market at a time when office investment demand is rebounding, especially in desirable New Jersey Gold Coast markets like Fort Lee.”
Ashley Kim and Bowen Pak of Eastern International Realty served as co-brokers for the seller in the transaction.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
