The buyer, CBRE said, has plans to enhance the 621,000-square-foot site at One Geoffrey Way for multiple uses.
CBRE’s Jeffrey Babikian, Robert L’Abbate, Allyson L’Abbate, Nor Ramos and Brian Godau represented the seller, Toys ‘R’ Us Property Company I LLC, and Raider Hill Advisors, a real estate investment and advisory firm acting on behalf of Toys ‘R’ Us.
The property, which housed the Toys ‘R’ Us headquarters for 16 years, is situated on 191 acres and is comprised of two interconnected Class A buildings. The complex was entirely renovated when Toys ‘R’ Us took occupancy.
“The chance to own a site like One Geoffrey Way does not come around often,” Babikian, executive vice president, said. “Not only is the new ownership securing a world-class office complex, but also a one-of-a-kind development opportunity to enhance a site that offers a beautiful campus-like setting with a scenic view and numerous amenities not to mention proximity to New York City.”