Premier NJ Office Building Sells for $36M
- Jul 04, 2019
Sheila Properties has acquired 155 Tice Blvd., a Class A office asset in Woodcliff Lake, N.J. Hartz Mountain Industries sold it for $36 million. The 118,000-square-foot building is fully leased.
Completed in 1980, the three-story asset underwent capital renovations in 2005, Yardi Matrix data shows. Eisai Inc., the American subsidiary of a Japanese pharmaceutical company, has been occupying it entirely for more than a decade. The property houses the company’s oncology, clinical research, medical services and global regulatory compliance divisions.
Spanning across 10 acres, the office building is near a Hilton Hotel, Tice’s Corner shopping mall, fitness centers as well as multiple communities. The area is home to a wide array of corporate headquarters, including BMW of North America and SeaCube Container Leasing.
Cushman & Wakefield’s David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer and Kyle Schmidt represented the seller in the transaction and procured the buyer. Last April, the same team arranged the sale of two fully leased buildings in Piscataway, N.J.