300 Tice Blvd. in Woodcliff Lake — Courtesy: JLL
(Editor’s note: An earlier version of this story has been updated with information from HFF, which brokered the sale.)
By Joshua Burd
An investor is launching a multimillion-dollar renovation of a Bergen County office building, following its recent purchase of the property from Mack-Cali Realty Corp.
The firm, Hudson Equities, has paid $28 million to acquire the 240,000-square-foot complex at 300 Tice Blvd. in Woodcliff Lake, according to brokers with HFF who arranged the sale. The new owner and its partner, BHN Associates Inc., subsequently tapped JLL to lease the building as it prepares to begin the upgrades.
They will market a property that will soon have improved exterior landscaping, interior common areas, bathrooms, elevator cabs and amenities, JLL said. Hudson Equities also plans to upgrade the building’s fitness center, create a conference center and install collaborative seating areas both inside and outside the three-story facility.
HFF announced the sale of the property this week month after marketing it on behalf of Mack-Cali and procuring the buyers. The HFF team included Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn, senior directors Michael Oliver and Stephen Simonelli and Director Marc Duval.
“300 Tice is the latest office building to trade out of the Mack-Cali portfolio,” Cruz said. “We had great interest in the asset given the quality and upside in the deal.”
The JLL team of Frank D. Recine, executive managing director; Blake Goodman, executive vice president; and Derek DeMartino, senior vice president, will work closely with Hudson Equities President Ephraim Hasenfeld.
“300 Tice Boulevard is the premier Class A office building in the northern Bergen County submarket,” Recine said. “Hudson Equities’ extensive plans to make major capital improvements to the office building will only enhance its standing among tenants in the market.”
The property, located off Chestnut Ridge Road and Exit 171 of the Garden State Parkway, sits on 20 acres and offers easy access to Route 17, Interstate 287, the New York State Thruway and the Palisades Interstate Parkway. The space is 65 percent leased to tenants including KPMG and Volkswagen.
The office building is within walking distance of the Tice’s Corner Marketplace shopping center and is adjacent to the Hilton Woodcliff Lake, with a large conference center and restaurants. Other features at 300 Tice Blvd. include a reflecting pond and extensive landscaping, a 280-car underground garage with elevator access to the building and a three-story, glass-enclosed atrium lobby featuring glass and wood paneling.
JLL also touted amenities such as a café and complimentary Wi-Fi in the building’s outdoor and indoor seating areas.