Polygon Plaza, located at 2050 Center Ave. in Fort Lee — Courtesy: Cushman & Wakefield
By Joshua Burd
A New York investor has paid $22 million to acquire a 90,000-square-foot office building in the heart of Fort Lee’s redevelopment district, Cushman & Wakefield said Wednesday.
The brokerage firm said it represented the seller, an affiliate of BFE, in the trade of Polygon Plaza. H&M Group Inc. was the buyer of the property, which sits at 2050 Center Ave.
Cushman & Wakefield’s Andrew J. Merin handled the assignment with Metropolitan Area Capital Markets Group team members David Bernhaut, Gary Gabriel and Brian Whitmer. Ashley Kim and Bowen Pak of Eastern International Realty Inc. served as co-brokers for the seller.
BFE acquired the building in 1994 for $6.4 million after its previous owner, Connecticut Mutual Life, had acquired it through a foreclosure, C&W said in a news release. Today, Polygon Plaza is fully leased to a mix of small and midsized tenants, including many long-term occupants.
Cushman & Wakefield said Trans-Hudson Management Corp., a BFE affiliate, will continue to manage the building for the new owner.
“BFE did a remarkable job stabilizing Polygon Plaza and enhancing its competitive position,” Merin said in a prepared statement. “In turn, the organization achieved an impressive return on its initial investment by going out to market at a time when office investment demand is rebounding, especially in desirable New Jersey Gold Coast markets like Fort Lee.”