One Geoffrey Way in Wayne — Courtesy: CBRE
By Joshua Burd
The owners of the defunct Toys R Us chain have sold the retailer’s former 621,000-square-foot corporate headquarters in Wayne, brokers with CBRE announced.
In a news release Monday, the firm said it represented Toys “R” Us Property Company I LLC and Raider Hill Advisors, a private real estate investment and advisory firm, acting on behalf of the toy company, in the sale of One Geoffrey Way. CBRE did not identify the buyer by name, only noting that it “has plans to enhance the site for multiple uses.”
CBRE’s Jeffrey Babikian, Robert L’Abbate, Allyson L’Abbate, Nor Ramos and Brian Godau completed the assignment at the park-like, 191-acre campus. One Geoffrey Way housed the Toys headquarters for 16 years, consisting of two interconnected Class A office buildings.
“The chance to own a site like One Geoffrey Way does not come around often,” said Babikian, an executive vice president with CBRE. “Not only is the new ownership securing a world-class office complex, but also a one-of-a-kind development opportunity to enhance a site that offers a beautiful campus-like setting with a scenic view and numerous amenities not to mention proximity to New York City.”
The complex, which was built in 1962 and served as the original headquarters for American Cyanamid, was completely renovated when Toys took occupancy. The retailer put the complex on the market amid its crippling debt and ongoing bankruptcy proceedings, which resulted in the closure of hundreds of stores and an uncertain future for the iconic chain.