Mack-Cali Realty Sells One Bridge Plaza for $36M
The 10-story, Class A office building was traded by Jersey City-based Mack-Cali Realty Corp. to an undisclosed private investor.
FORT LEE, NJ—Mack-Cali Realty Corp. has sold another of its office assets—One Bridge Plaza—a 206,500-square-foot building adjacent to the George Washington Bridge here.
The 10-story, Class A office building was traded by Jersey City-based Mack-Cali Realty Corp. to an undisclosed private investor. A source close to the deal tells Globest.com that the asset traded for approximately $36 million.
The property was 69% leased to a diverse tenant roster at the time of the sale. Newmark Knight Frank’s executive managing director Kevin Welsh, managing director Brian Schulz and associate Jason Emrani of the brokerage firm’s Capital Markets group represented the seller in the transaction, along with support from vice chairman and COO of New Jersey, David Simson.
The team was also responsible for procuring the private investor purchaser.
“One Bridge Plaza’s irreplaceable location and visibility offers a rare opportunity to create a best-in-class urban work environment through the implementation of a strategic capital improvement program and a powerful new brand identity for the property,” says NKF’s Welsh.