Park 17 at 218 Route 17 in Rochelle Park — Courtesy: Cushman & Wakefield
By Joshua Burd
The longtime owner of a 105,000-square-foot office building in Rochelle Park has sold the property for $17.8 million, in a newly announced deal by Cushman & Wakefield.
Brokers with the firm represented the seller, GHP Office Realty LLC, in the trade of Park 17 at 218 Route 17. An undisclosed buyer purchased the five-story property, which is home to tenants such as the Bergen County Board of Social Services, Genpsych PC and St. Joseph’s University Medical Center.
Cushman’s Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso and Seth Zuidema brokered the deal, noting that Park 17 has 346 parking spaces and is minutes from the convergence of Route 4 and the Garden State Parkway. The transaction comes some two decades after GHP, which is based in White Plains, New York, purchased the property.
“Park 17 features on-site covered parking and excellent visibility along Route 17,” DiTommaso said. “The buyer will benefit from the property’s stable in-place cash flow and long-term government and medical centric tenant base.”