9 Polito Ave. in Lyndhurst
By Joshua Burd
An affiliate of Edgewood Properties has taken control of a well-known, 271,000-square-foot office building in the Meadowlands.
In a transaction valued at roughly $20 million, the Piscataway-based firm acquired the note and the mortgage for the 10-story property at 9 Polito Ave. in Lyndhurst, according to a source with knowledge of the deal. The building in recent years is best-known as the former Ralph Lauren Corp. headquarters until 2019, when the company moved to a new office in Nutley.
A team of New Jersey- and New York-based brokers with JLL represented the noteholder.
Located just south of Route 3 and 10 miles from the Lincoln Tunnel, the property underwent a major renovation that was unveiled in 2017 by owner Alexander Property Holdings LLC. Those upgrades included a redesigned lobby, updated mechanical systems and new elevator cabs.
The property also features a full-service café, a teleconference center, a gym and outdoor WiFi and gardens. The building is attached by a catwalk to the Courtyard by Marriott Lyndhurst.
Alexander Property Holdings acquired the complex in 2015 and rebranded what was then known as Copper Ridge Center