1111 MacArthur Blvd. in Mahwah — Courtesy: CBRE
By Joshua Burd
The parent company of Seiko watches and other products has sold its 140,420-square-foot headquarters facility in Mahwah, brokers with CBRE announced Monday.
The real estate services firm said its client, Seiko Holdings Corp., reaped $10.295 million from the sale of 1111 MacArthur Blvd. An entity named 1111 MacArthur Boulevard LLC acquired the office and tech facility, where Seiko subsequently leased back 18,400 square feet.
The CBRE team of Thomas Mallaney, Randy Eigen and Conor Dolan spearheaded the marketing campaign and represented the Japanese holding company in the negotiations. The team also brokered Seiki’s new lease.
John Friedland and Mark Tannen of United Realty Advisors LLC represented the buyer. On the legal side, John J. Oberdorf Jr. of McManimon-Scotland-Baumann represented the seller, while Bruce E. Whitaker of McDonnell & Whitaker represented the buyer.
“The property provided the buyer with the opportunity to own a wonderful asset with two blue chip tenants already in place,” said Mallaney, a first vice president with CBRE. “This transaction has accomplished the seller’s goal of monetizing an underutilized asset. Additionally, the new ownership will be able to utilize the balance of the facility for its own real estate needs.”
Built in 1979 and fully renovated in 1990, 1111 MacArthur Blvd. sits on 18.86 acres near Interstate 287 and Route 17, CBRE said. The firm also noted that Nuance Communications, a multinational software technology corporation headquartered in Burlington, Massachusetts, occupies 27,317 square feet at the property under a long-term lease.
“This is the type of deal many entrepreneurs dream of where they acquire a building for their company’s needs, that also has additional room for growth, currently leased to credit worthy tenants,” said Eigen, also a first vice president in CBRE’s Saddle Brook office.