Repositioning is slated for well-located 120,000-square-foot Meadowlands submarket office building
LYNDHURST, NJ, May 19, 2016 – 1099 Wall Street West, a long-time mainstay of the Meadowlands office market, has been acquired by Bergman Real Estate Group, announced Michael Bergman, president and CEO of the Woodbridge, NJ based company. The seller, a private equity fund, was represented by Patrick Arangio and Christopher McGlone of CBRE’s National Loan & Portfolio Advisory Group, working in collaboration with Jeffrey Dunne, Kevin Welsh, and Brian Schultz of CBRE Institutional Properties.
The 120,000-square-foot, three-story office building situated on 7.5 acres in Lyndhurst was one of the first office buildings to be built in the Meadowlands. The property was 50% leased at the time of acquisition and is presently home to over 30 companies. 1099 Wall Street fills a niche in the market as it can accommodate smaller to mid-size tenants ranging from 750 to 10,000 square feet. Due to the current occupancy, acquisition financing was limited,” explains Michael DiFede, Director of Acquisitions for Bergman Real Estate Group. “We were fortunate to have a long standing relationship with M&T Bank who provided a flexible acquisition loan.” M&T Bank was represented by Rick Steel and Mark Zurlini.
1099 Wall Street West offers direct access to Route 3 and 17 and is within minutes of the New Jersey Turnpike and the Garden State Parkway. The property is less than 10 miles from Midtown Manhattan and is easily is accessible by NJ Transit bus service located directly in front of the building, or NJ Transit train via the Kingsland station located within one mile or the Secaucus Junction station within 5 1/2 miles.
“This is an excellent location with substantial residential and retail nearby, as well as banks, hotels, Met Life Stadium and the American Dream Meadowlands entertainment center under construction,” said Bergman. “The Meadowlands is a vibrant market that has evolved into more of a live/work lifestyle environment with exceptional access to New York City.”.
In keeping with its focus on buying well located, value-add office opportunities, the company plans on repositioning this asset by making several improvements to the common areas, inside and out, and adding new amenities including a conference/training center, a lounge for employees and improved on-site food services.
Founded in 1988, Bergman Real Estate Group is a privately owned, full-service real estate investment and management company. With more than 28 years of history operating in New Jersey and other select markets, Bergman has earned a solid reputation as a reputable and trustworthy owner/manager. The company’s fully integrated platform includes acquisition, ownership, asset and property management, leasing and construction supervision. Bergman, which has built its success on acquiring and successfully repositioning underperforming properties, currently manages 17 office buildings comprising 1.8 million square feet.
