241 Main St. in Hackensack — Courtesy: Alexander Anderson Real Estate Group
By Joshua Burd
A joint venture has closed on its purchase of a historic 34,000-square-foot office building in downtown Hackensack, where it plans to restore the property while attracting new tenants.
The firms, Alexander Anderson Capital Group and Minotaur Management, said they paid $3.7 million to acquire the building at 241 Main St. They have renamed the building Empire West as part of its strategy, which calls for renovated elevators, high-speed internet access, a new parking lot and upgraded security features.
The firms also plan to build a new executive conference room and exterior patio on the top floor that offer panoramic views of New York City and Bergen County, according to a news release Wednesday. In the meantime, Alexander Anderson and Minotaur will restore the property’s Art Deco-style architecture, which includes terrazzo floors, vaulted ceilings and a brass door entryway.
“Empire West is one of only two remaining properties in Hackensack that were built in the 1930s that were not converted for residential use during the challenging office market of the last decade,” said Eric Anderson, CEO of Alexander Anderson. “As a result, we’ll be able to restore this unique property to its original splendor, while offering the latest technology and upscale amenities that befit a building with this history and stature in the Hackensack community.
Anderson also touted plans to equip the building with changing colored lights similar to the Empire State Building.
“We want people to think of the iconic Empire State Building in New York City when they see how Empire West lights up to mark certain holidays and events here in New Jersey,” he said. “We believe it will become one of the most recognized office properties in Bergen County.”
Ryan Day Interiors is designing the restoration upgrades, the news release said. Alexander Anderson Property Management will serve as property manager for the building, which is located between Salem and West Camden streets.
The firm said it will market 400- to 5,000-square-foot blocks of office space on the top five floors that are well-suited to small and midsized businesses. The main floor is fully leased and occupied by Wells Fargo Bank and H&R Block.
“Located in the heart of downtown Hackensack, Empire West is primed to take advantage of the energy and excitement of the improvements being made in the downtown’s business improvement district,” said Eli Davidovics, founder of Minotaur Management.
Alexander Anderson Capital Group, a real estate syndication arm and division of Alexander Anderson Real Estate Group, and Minotaur said they brought together small, domestic and international investors to acquire and invest in the property.