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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Sonnenblick-Goldman Company Arranges $28.3 Million Sale Of Sylvan Corporate Center in Englewood Cliffs, NJ
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Thursday, January 06, 2005
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New York City, NY
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Sonnenblick-Goldman Company has arranged the sale of Sylvan Corporate Center, a Class-A office complex on Sylvan Avenue in Englewood Cliffs, NJ, on behalf of Sylvan Associates, LLC. The buyer, an affiliate of The Andalex Group, paid $28.3 million for the property.
Sylvan Corporate Center occupies a 19.6-acre site that includes:
• 910 and 920 Sylvan Avenue, which are two wings of a two-story building that contains approximately 138,000 rentable square feet of office space and a cafeteria, plus 132 covered parking spaces;
• land available for the development of a second two-story office building that will be designated as 930 and 940 Sylvan Avenue and will contain about 125,000 rentable square feet and approximately 125 covered parking spaces; and
• additional surface parking areas surrounding the existing and proposed buildings.
The existing building at 910 and 920 Sylvan Avenue was constructed in 1988 and is currently 100% leased.
Sylvan Corporate Center is situated in the midst of several major corporate campuses along the west side of Sylvan Avenue in Englewood Cliffs. The property’s neighbors include the North American headquarters of LG Electronics, the new headquarters and broadcast studio of CNBC, and Unilever United States, Inc.
Sylvan Corporate Center has been the beneficiary of the recent success of LG Electronics and Unilever, which have both expanded their operations and become the two largest tenants at the property. Combined, LG Electronics and Unilever lease 49% of the space at Sylvan Corporate Center. The remainder of the building is leased to a variety of domestic and international corporations and locally-based firms.
This transaction was the second sale of Sylvan Corporate Center arranged by Sonnenblick-Goldman Company during the past five years. In 1999, the company represented John Hancock Mutual Life Insurance Company in the sale of the property to Sylvan Associates, LLC.
“During its five years of ownership, Sylvan Associates, LLC leased or re-leased nearly all of the space in the building at substantially higher rents,” comments Mark Ehlinger, director of Sonnenblick-Goldman Company. “An extremely large number of investors were interested in this asset, because of its consistently high level of occupancy and its additional development potential.”
David Schaiman, managing director of Sonnenblick-Goldman, adds, “We are pleased to have had the opportunity to arrange the sales at both the beginning and the end of this very successful investment by Sylvan Associates, LLC.”
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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