The Executive Hill Office Park in West Orange — Courtesy: HFF
By Joshua Burd
A real estate investment firm has acquired a 400,000-square-foot, four-building office complex just off Interstate 280 in West Orange, according to brokers with HFF.
The firm, PAG Investments, purchased the property known as Executive Hill Office Park for an undisclosed price. The complex consists of 31 acres and comprises 10 Rooney Circle and 100, 200 and 300 Executive Drive.
HFF represented the seller, an entity controlled by RNY Property Trust, and procured the buyer. The HFF investment sales team was led by Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn, directors Michael Oliver and Stephen Simonelli and Associate Director Marc Duval, with support from Senior Managing Director Andrew Scandalios.
“This is a unique transaction that appealed to the office buyers as well as redevelopers,” Cruz said in a prepared statement. “The buyers saw significant near-term upside in the office space and longer term potential in a repositioning play.”
Built between 1971 and 1984, Executive Hill Office Park is 48 percent leased to tenants such as Lincoln Educational, GEICO and a U.S. government agency, HFF said in a news release. The property is located off Prospect Avenue and Rooney Circle, sitting at a full interchange of I-280.
The complex has amenities including a full-service cafeteria, shared conference room and fitness center and is near the Essex Green shopping center.
Its new owner, PAG Investments, is a real estate investment, development and management company primarily focused on the acquisition, operation and repositioning of income-producing properties, the news release said. The firm is based in northern New Jersey and engages in strategic acquisitions and sales, having formed partnerships with private equity groups and family offices.