Former Toys R Us Headquarters in NJ Changes Hands
- Mar 20, 2019
CBRE has facilitated the sale of Toys “R” Us’ former headquarters in Wayne, N.J., to a developer planning to convert the 621,000-square-foot campus into a multiple-use center.
“The appeal of the property starts with having such a large contiguous campus setting coupled with a breathtaking view of the reservoir,” CBRE Executive Vice President Jeffrey Babikian told Commercial Property Executive. “There is nothing like this site with proximity to New York City.”
The toy giant declared bankruptcy last year and the property has been on the market since last summer. Many real estate experts have written about the fact that demand for office campuses with a single corporate tenant has been quickly fading, so there was always belief that the property would sell to a new owner looking to transform the property.
Located at 1 Geoffrey Way, a street originally named in honor of the retailer’s famed mascot, the property is situated on nearly 191 acres, in a triangle bordered by Berdan Avenue, Hamburg Turnpike and Point View Reservoir.
“The chance to own a site like 1 Geoffrey Way does not come around often,”, Babikian 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.”
A storied history
Built in 1962 for American Cyanamid, Toys “R” Us called the campus home for 16 years. It consists of two interconnected Class A office buildings and a state-of-the-art complex.
“Although the location is attractive, it still has to overcome the suburban stigma, but given the right amenity and infrastructure commitment, it will succeed,” Babikian concluded. “There was significant interest in the property, especially from the residential sector.”
CBRE’s Babikian, Robert L’Abbate, Allyson L’Abbate, Nor Ramos and Brian Godau represented Toys “R” Us Property Co. I LLC in the transaction.