Woodcliff Lake office building sells for $36M

By Eric Strauss
Woodcliff Lake | Jul 3, 2019 at 1:00 am

A Woodcliff Lake office building has changed hands as part of a $36 million sale, according to real estate firm Cushman & Wakefield, which orchestrated the trade.

The 118,000-square-foot Class A property at 155 Tice Blvd. was sold by Hartz Mountain Industries to Sheila Properties, Cushman & Wakefield said in a news release.

The building is fully occupied by Eisai Inc. on a long-term basis, giving it a home for its oncology, clinical research, medical services and global regulatory compliance divisions, C&W noted.

“Eisai has been making its home in Woodcliff Lake for over a decade as part of northern New Jersey’s growing life sciences/pharmaceutical sector,” Cushman & Wakefield’s David Bernhaut said in a prepared statement. “This offering presented an excellent opportunity to acquire a solid long-term net leased investment to a credit-worthy tenant.”

Bernhaut represented the seller and procured the buyer, working with an East Rutherford-based capital markets team that included Andrew Merin, Gary Gabriel, Brian Whitmer and Kyle Schmidt.

Eric Strauss | estrauss@roi-nj.com | acerimrat