61 South Paramus Road in Paramus — Courtesy: Cushman & Wakefield
By Joshua Burd
DRA Advisors and Onyx Equities have sold a nearly 288,000-square-foot office building in Paramus, in a newly announced deal by Cushman & Wakefield.
According to a news release, First Mile Properties paid an undisclosed price in the transaction at 61 South Paramus Road. The building changed hands with near full occupancy, the brokerage team said, citing its location at the crossroads of Route 17, Route 4 and the Garden State Parkway and a tenant roster that includes blue-chip financial service firms.
Cushman’s David Bernhaut, Gary Gabriel, Frank DiTommaso and Seth Zuidema represented the joint venture in the sale and procured the buyer, an affiliate of Crown Acquisitions. Progress Capital’s Brad Domenico arranged acquisition financing.
“Onyx Equities and DRA Advisors have done an exceptional job managing this best-in-class asset throughout their ownership period,” Bernhaut said. “While less amenitized office properties are experiencing decreasing occupancy rates, 61 South Paramus has attracted three new tenants and one expansion in the last 12 months alone bringing occupancy to over 96 percent.”
In announcing the deal, C&W noted that the 287,704-square-foot building has a grand fountain and reflecting pool, an expansive landscaped courtyard with new outdoor seating options, a dramatic marble and glass façade and abundant parking. Nearby amenities include high-end retail and dining options, country clubs and Westfield Garden State Plaza, whose owner is planning a sweeping residential and mixed-use development.
“Throughout our ownership, even in the wake of a post-COVID environment, we continued to see strong office demand at 61 South Paramus,” said Brett Gottlieb, managing director at DRA Advisors. “While the office market is adapting, we still saw buyer depth and a good appetite on suburban office product.”
DiTommaso added: “First Mile Properties certainly proved their strength as a dominant player in the industry having navigated one of the most challenging capital markets environments of recent times. Their pursuit ultimately resulted in the successful acquisition of one of northern New Jersey’s top-performing office properties which will complement their growing portfolio of best-in-market assets.”
