One Bridge Plaza in Fort Lee — Courtesy: Newmark Knight Frank
By Joshua Burd
Mack-Cali Realty Corp. has sold a 10-story office building near the entrance of the George Washington Bridge in Fort Lee, brokers with Newmark Knight Frank announced Monday.
The brokerage team represented the real estate investment trust in the sale of One Bridge Plaza, a 206,500-square-foot building that was 69 percent leased at the time of the sale. A private investor acquired the property, which sits near the nexus of interstates 80 and 95 and is just north of a cluster of recently delivered, high-end apartments and retailers.
NKF Executive Managing Director Kevin Welsh, Managing Director Brian Schulz and Associate Jason Emrani of the firm’s capital markets group completed the assignment, with support from Vice Chairman and New Jersey Chief Operating Officer David Simson. They also procured the buyer.
“One Bridge Plaza’s irreplaceable location and visibility offers a rare opportunity to create a best-in-class urban work environment through the implementation of a strategic capital improvement program and a powerful new brand identity for the property,” Welsh said.
NKF did not disclose the sale price, but a source familiar with the deal said the building sold for roughly $36 million.
