A rendering of a redeveloped 800 Sylvan Ave. in Englewood Cliffs — Courtesy: Normandy Real Estate Partners
By Joshua Burd
The scope of Normandy Real Estate Partners’ plans in Englewood Cliffs just got even bigger.
A month after announcing a major sale-leaseback deal for Unilever’s headquarters campus in the borough, the developer has unveiled a project it has planned for an adjacent office complex. The latest plan calls for redeveloping more than half of the space at 800 Sylvan Ave., a three-building, 365,169-square-foot property that overlooks the Hudson River.
The complex is also part of Unilever’s footprint in Englewood Cliffs. Normandy acquired the property in June and last week sold a 157,411-square-foot piece of the property, which is long-term leased to the consumer products giant, to an undisclosed buyer for an undisclosed price.
The developer will now reposition the more than 200,000 square feet that remains at the complex, it said in a news release Thursday. That portion is under a short-term lease with Unilever, as the company plans to vacate the space once its newly renovated headquarters is completed at the adjacent campus by late 2017.
“We plan to completely redevelop the remaining 207,758 square feet of the complex into a premier, Class A building that complements the exceptional building we are developing for Unilever next door,” Paul Teti, principal with Normandy Real Estate Partners, said in a prepared statement. “800 Sylvan Avenue is situated in an ideal location, atop New Jersey’s Hudson River Palisades, directly across from New York City — and just minutes from the George Washington Bridge.
“This will be a rare opportunity for a corporate headquarters user looking for an outstanding location, coupled with a state-of-the-art facility in a submarket that offers a highly educated labor pool.”
Normandy announced its plans for the adjacent Unilever campus last month. In conjunction with OVG Real Estate, the firm acquired the 325,000-square-foot complex at 700 Sylvan Ave., which sits on a 23-acre campus that has been a Unilever corporate office for more than five decades.
The agreement calls for Unilever to lease back the land and building under an 18-year triple-net lease, with closing expected to occur by late December. Normandy and OVG now plan to retrofit the property into “one of the most intelligent, energy-efficient and highly advanced corporate facilities on the East Coast” and increase the size of the property by 28 percent.
Cushman & Wakefield represented Normandy in the sale of the long-term leased portion of the 800 Sylvan Ave., the news release said. A team led by Rob Donnelly Jr. of C&W will represent Normandy in leasing the redeveloped portion of the property, with HLW Architects serving as the architect.