M&T Bank Sells Pair of NJ Office Assets
- Dec 07, 2017
M&T Bank has disposed of two office buildings in Paramus, N.J. Two different entities purchased the 92,000-square-foot assets, which are strategically located immediately off of routes 17 and 80.
The first building is located at 80 W. Century Road and comprises 70,000 square feet on 3.5 acres. Amenities include 15,000-square-foot flexible floor plates and an on-site M&T bank branch, which will continue to operate despite the change in ownership. The new owner plans to occupy part of the building, while the remaining portion will be marketed for lease.
The other 25,000-square-foot building is the neighboring 100 W. Century Road, purchased by The Frisch School, whose main campus is located adjacent to the property.
David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer and Frank DiTommaso II of Cushman & Wakefield Metropolitan Area Capital Markets Group brokered the sale, alongside David Sherman, David DeMatteis, Mark Zaziski, William Hartman and Lou D’Avanzo. The team worked directly with M&T Bank Administrative Vice President Patricia Dore and the bank’s senior corporate real estate manager.
“Both buildings generated a significant amount of attention within the Bergen County community, given their desirable Paramus location in addition to their proximity to lifestyle amenities and major retail corridors, as well as easy access to highways and nearby executive housing,” DiTommaso II said in a prepared statement.
The assets previously traded in 2015, when M&T Bank acquired them through the acquisition of Hudson City Savings Bank.
Earlier this year, Cushman & Wakefield’s Metropolitan Area Capital Markets Group brokered the $12.1 million sale of another Bergen County asset.
Image courtesy of Yardi Matrix