Summary

The property is well-located in Paramus, New Jersey, a major suburban hub in affluent Bergen County. It is located near the intersection of Century Road and NJ Route 17, which provides access to southern, central and northwest Bergen County as well as I-80 and the Garden State Parkway. The intersection of Rte. 17 and Rte. 4 is located just south of Century Road, and is among the busiest intersections in the NY metropolitan area. The property was built in 1984 and has been maintained to the highest standards. At the time of acquisition, the building was 98.2% leased to fourteen high quality and diverse corporate tenants, including Hewlett Packard, Wachovia Bank, GMAC and XO Communications among others.

The investment has an income and growth oriented investment profile with the pro forma current return representing 59% of the total return. The acquisition price is approximately 80% of replacement cost. Market fundamentals have stabilized and the location is in-fill with high barriers to entry. No new office construction is underway in the county.  The up-turn for office investing is being driven by a combination of renewed employment growth and scarcity of land for new development.