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Canadian Firm Buys Rockaway Office Bldg

HFF Brokers Deal for Institutional Seller
February 7, 2018
Northbridge Investment Management Inc., a Toronto-based firm, has purchased the Rockaway 80 Corporate Center 1 office building in Rockaway, NJ, the deal’s broker said Wednesday.

HFF marketed the property for the seller, an institutional client, and procured the buyer. The purchase price wasn't disclosed.

Rockaway 80, a seven-story, 259,473-square-foot property, was built in 1991 on an 11-acre site at 100 Enterprise Dr., adjacent to the Rockaway Townsquare mall and the Rte. 15 / I-80 interchange in Morris County.

In 2007, Grosvenor Investment Management and Lincoln Equities Group LLC paid Onyx Equities Acquisitions LLC $55.25 million ($213 /SF) for the property, according to CoStar data.

The asset is currently 84 percent leased to multiple tenants including Allergan, Regus and Reed Business Information. It features a two-story atrium lobby, a reflective glass and granite façade, full-service cafeteria, covered parking and panoramic views from the upper floors.

The HFF investment advisory team that represented the seller included Jose Cruz, Kevin O’Hearn, Brett Segal, Michael Oliver and Stephen Simonelli.

"This sale reflects the increasing demand for high quality suburban office product, and we are thrilled to have identified a foreign buyer for it," O’Hearn said in a statement.

Please see CoStar COMPS #4129760 for additional information on this transaction.

Linda Moss, Northern New Jersey Market Reporter  CoStar Group   
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