Park 80 West in Saddle Brook — file photo
By Joshua Burd
A well-known office complex in Saddle Brook has changed hands for more than $115 million, following a sweeping set of upgrades that helped raise occupancy over more than three years.
A fund affiliated with CBRE Global Investors sold the 510,126-square-foot, two-building property, known as Park 80 West, to Park 80 West Owner LLC. The 92 percent leased campus at 250 Pehle Ave., which sits at the nexus of the Garden State Parkway and Interstate 80, sold for a reported $115.5 million, the second sale of the complex since 2015.
At that time, CBRE Global Investors paid around $75 million to acquire Park 80 West from a joint venture of Pearlmark Real Estate Partners and L&L, according to published reports. The fund went on to overhaul the complex, with improvements such as new windows, new systems and an upgraded façade at Plaza I and upgraded amenities throughout the property.
Ahead of the most recent sale, a CBRE capital markets team including Jeffrey Dunne, Jeremy Neuer, Travis Langer and Zachary McHale marketed the property on behalf of CBRE Global Investors. CBRE declined to comment on the transaction.
Occupancy at Park 80 West has increased from 73 percent when CBRE Global Investors acquired the property in 2015.