DRA Advisors and Onyx Equities sold 61 S. Paramus Road, a 287,704-square-foot trophy office property in Paramus, according to a Tuesday announcement from Cushman & Wakefield, which brokered the deal.
The sale price was not disclosed.
Cushman & Wakefield’s David Bernhaut, Gary Gabriel, Frank DiTommaso and Seth Zuidema represented the joint venture, and procured the buyer, First Mile Properties (an affiliate of Crown Acquisitions).
“Onyx Equities and DRA Advisors have done an exceptional job managing this best-in-class asset throughout their ownership period. While less-amenitized office properties are experiencing decreasing occupancy rates, 61 S. Paramus has attracted three new tenants and one expansion in the last 12 months alone, bringing occupancy to over 96%,” Bernhaut said.
“Throughout our ownership, even in the wake of a post-COVID environment, we continued to see strong office demand at 61 S. Paramus. While the office market is adapting, we still saw buyer depth and a good appetite on suburban office product,” Brett Gottlieb, managing director at DRA Advisors, said.
61 S. Paramus Road is situated at the crossroads of Route 17, Route 4 and the Garden State Parkway, boasting incredible accessibility. The building is anchored by blue-chip financial service firms and features a grand fountain and reflecting pool, an expansive landscaped courtyard with new outdoor seating options, a dramatic marble and glass façade and abundant parking.
“First Mile Properties certainly proved their strength as a dominant player in the industry, having navigated one of the most challenging capital markets environments of recent times. Their pursuit ultimately resulted in the successful acquisition of one of northern New Jersey’s top-performing office properties, which will complement their growing portfolio of best-in-market assets,” DiTommaso said.
The property is surrounded by numerous luxury retail and dining options, several exclusive country clubs and rapid residential and mixed-use development planned at the Garden State Plaza.
