A boutique office building in Rochelle Park has changed hands, according to Cushman & Wakefield.
The four-story, 107,969-square-foot building at 395 W. Passaic St. was sold by Garrison Investment Group and Onyx Equities to Ramaa Management, C&W said in a news release.
Financial terms were not disclosed.
The East Rutherford investment sales team handling the assignment was led by Andrew Schwartz, working with David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer and Andrew MacDonald, assisted by David DeMatteis and Mark Zaziski from the leasing team.
“This property stood out with exceptional curb appeal and features like covered executive parking, flexible floor plates and the option to add a Class A amenity package in order to drive lease-up and rent growth,” Schwartz said in a prepared statement.
The building was 80 percent leased to eight tenants at the time of the sale. It represented Ramaa’s second office acquisition in the market in about a year, Danny Barot, principal and managing member, said — the firm bought Park 80 East in Saddle Brook in May 2017.
“The attractive characteristics of this property and the surrounding area helped drive leasing interest in this location,” Bernhaut said in a statement. “Activity in the Route 17 South submarket has been decidedly bullish, with decreasing vacancy rates and increasing average asking rents.”
C&W marketed the property in conjunction with online transaction platform Ten-X.
