Office Court of Ramsey at 500 Lake St. in Ramsey — Courtesy: Cushman & Wakefield
By Joshua Burd
A private owner has sold an 11-building, 78,000-square-foot office park in Ramsey, in a sale arranged by brokers with Cushman & Wakefield.
The firm last week announced the sale of the Office Court of Ramsey, located at 500 Lake St., for $10.8 million. BHN Associates acquired the office park, which sits immediately off Route 17 and is 95 percent occupied with more than 100 tenants.
A C&W team led by Andrew Merin, Andrew Schwartz and Ryan Larkin represented the seller.
“The Office Court of Ramsey is truly one of a kind,” Schwartz said. “It was designed specifically for small users and corporate executives that live in the surrounding towns and prefer a business location close to home. This property’s diversified rent roll and lack of alternative ‘like’ options in the local market offers reduced risk.”
The brokerage team touted the 8.5-acre property’s park-like setting, with office space, full HVAC control, 24/7 access and private restrooms. They also highlighted the Route 17 corridor and a host of retail and dining options.
“Since small business owners typically do not have access to corporate cafeterias and other dining and fitness options available in large corporate office parks,” Larkin said. “The Office Court of Ramsey is ideally situated in being able to offer tenants an abundance of choices nearby.”