155 Tice Blvd. in Woodcliff Lake — Courtesy: Cushman & Wakefield
By Joshua Burd
An investment group has acquired a 118,000-square-foot, single-tenant office building in Woodcliff Lake for $36 million, in a newly announced transaction by Cushman & Wakefield.
Brokers with C&W represented the seller, Hartz Mountain Industries, in the transaction at 155 Tice Blvd. Sheila Properties acquired the three-story building, which is fully leased to Eisai Inc., the American subsidiary of the Japanese pharmaceutical company Eisai Co. Ltd.
“Eisai has been making its home in Woodcliff Lake for over a decade as part of northern New Jersey’s growing life sciences/pharmaceutical sector,” said C&W’s David Bernhaut, who completed the assignment alongside Andrew Merin, Gary Gabriel, Brian Whitmer and Kyle Schmidt. “This offering presented an excellent opportunity to acquire a solid long-term net leased investment to a credit worthy tenant.”
Eisai, which is based in Tokyo, specializes in neurological and oncological diseases. The Woodcliff Lake property is dedicated to the U.S. subsidiary’s oncology, clinical research, medical services, and global regulatory compliance divisions.
Sitting on 10 acres, the complex sits within an affluent section of Bergen County and near amenities such as the Hilton Hotel and upscale Tice’s Corner shopping mall.
“The Woodcliff Lake/Montvale office market has been benefitting from growth in the residential market which has led to the addition of large retailers and lifestyle tenants such as Wegman’s, Lifetime Fitness and The Fresh Market,” Bernhaut said. “In turn, the range of housing and retail options is having a direct benefit on the commercial sector.”