2115 Linwood Ave. in Fort Lee — Courtesy: CoStar/Cushman & Wakefield
By Joshua Burd
A financial services firm will occupy more than half of its newly acquired 70,000-square-foot office building in Fort Lee, following a transaction arranged by Cushman & Wakefield.
Brokers with C&W on Friday detailed the off-market trade of 2115 Linwood Ave., which Cross River Bank acquired earlier this year from Mack-Cali Realty Corp. Previously located elsewhere in the borough, Cross River will relocate 200 employees from its current headquarters and now plans to add more than 200 jobs, thanks in large part to a nearly $11 million state tax credit incentive.
C&W executive managing directors David Sherman and Marc Trevisan headed the team representing the technology-focused bank, which had considered moving to Orangeburg, New York, as an alternative.
“Cross River’s changing needs dictated a close look at multiple expansion solutions,” Sherman said. “Ultimately, however, the company wanted to stay in Fort Lee — where it was founded and where it has thrived. We helped Cross River’s leadership pinpoint 2115 Linwood Ave. as the ideal, high-image and highly functional target location and approached Mack-Cali to propose the sale.
“The company’s willingness to part with this trophy asset created an outstanding opportunity for our client.”
Cross River, which was founded in 2008, will initially occupy 36,447 square feet at 2115 Linwood Ave. and will take on additional space in the five-story building as its employee base grows. The fast-growing financial services organization merges the established expertise and traditional services of a bank with the forward-thinking offerings of a technology company, having won acclaim within banking and financial technology circles, or fintech.
“At a time when New Jersey is hyper-focused on attracting and retaining high-growth, innovative companies — those that support the creation of new white-collar employment — this investment by Cross River in Fort Lee is a real win for the state,” Sherman added. “We are proud to have played a role in this significant transaction, which will have a direct and lasting impact on the region’s economic progress.”
Its new home sits near the approach of the George Washington Bridge, just minutes from Manhattan, and is highly visible from Interstate 95, C&W said. The property is located in the heart of a well-known corporate neighborhood and in close proximity to the offerings of downtown Fort Lee.
“David and his group went the extra mile to help us identify and obtain the property we wanted in the state we have always called home,” said Phil Goldfeder, senior vice president of public affairs with Cross River. “We look forward to beginning the next chapter of our growth as a New Jersey company.”