Finance

M&T Bank sells two Paramus buildings

By Lynda Cohen
Paramus | December 6, 2017 at 11:46 am

By Lynda Cohen
Paramus | December 6, 2017 at 11:46 am

Cushman & Wakefield Inc.
The buildings at 80 and 100 W. Century Road in Paramus sold by M&T Bank.

Cushman & Wakefield’s Metropolitan Area Capital Markets Group brokered the sale of two office buildings in Paramus that belong to M&T Bank as part of its 2015 Hudson City Savings Bank acquisition.

A private entity plans to relocate to 80 W. Century Road and occupy a portion of the space. The remaining available space will be marketed for lease.

M&T Bank will continue to operate its retail bank branch at the property, located immediately off the entrance lobby.

The single-story, 25,000-square-foot building at 100 W. Century Road was purchased by The Frisch School, a coeducational high school, whose main campus is located adjacent to the property.

“This was a natural acquisition for The Frisch School, which has been expanding their operations to meet their growing needs,” said Cushman Associate Director Frank A. DiTommaso II.

“Both buildings generated a significant amount of attention within the Bergen County community given their desirable Paramus location, in addition to their proximity to lifestyle amenities and major retail corridors, as well as easy access to highways and nearby executive housing,” he said.

“Each offering presented unique opportunities for both investors and developers,” Vice Chairman David Bernhaut said. “Ultimately, after a very competitive bid process, two different local users were selected.”

Cushman & Wakefield, a global real estate services firm, served as exclusive sales agent for M&T Bank.

The team of Bernhaut, DiTommaso, Andrew Merin, Gary Gabriel and Brian Whitmer orchestrated the sale, with assistance from the leasing team of David Sherman, David DeMatteis and Mark Zaziski. Cushman is based in Rutherford.

“This is an excellent example of Cushman & Wakefield’s multiple service lines working together to serve the needs of our corporate clients,” Merin said.

The building at 80 W. Century Road has approximately 70,000 square feet of space on 3½ acres.

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2017-12-08T09:26:36+00:00