55 State St. in Hackensack — Courtesy: NAI James E. Hanson
By Joshua Burd
A law practice has acquired a 9,000-square-foot office building in Hackensack as part of a new sale and partial leaseback arranged by NAI James E. Hanson.
Brokers with the firm represented both parties in the transaction at 55 State St., which had a vacant 4,500-square-foot space on its lower level ahead of the deal. The seller, Iron Capital Management LLC, is also the operator of a law firm and will lease back its space on the second floor, while buyer 55 State St. Holdings LLC will occupy the first floor.
NAI Hanson vice presidents Anthony J. Cassano and Dick Hecker completed the transaction, touting the building’s location one block from the Bergen County Courthouse and Administrative Complex. Terms were not disclosed.
“The Bergen County Courthouse and Administrative Complex remains a key demand driver for downtown Hackensack’s office sales and leasing market,” Cassano said. “With the anticipated influx of new residents and businesses in the coming years, we expect the market to become even more competitive, making properties like 55 State Street highly attractive investment opportunities for owner-operators.”
