HACKENSACK, N.J. (June 01, 2005) – Michael Bergman, Vice President of Leasing and Marketing for Bergman Real Estate Group, announced the purchase of 45 Eisenhower Drive in Paramus, New Jersey. The five story, 175,000 square foot office building, acquired in conjunction with NDC Capital Partners, LLC, is situated in a corporate park setting between the Arcola and Ridgewood Country Clubs, with immediate access to Routes 17 and 4, as well as the Garden State Parkway and I-80.
Bergman Realty has a long and unusual history with 45 Eisenhower Drive. Their ownership began a full 8 years ago, purchasing the building in partnership with Praedium, just as Hoffman LaRoche was vacating the close to 50% of the building they had occupied. With a little effort and some skillful brokering, the building was fully re-leased after about three years, at which point Praedium decided to sell their interest in the property.
Bergman Realty wanted to continue its ownership interest in 45 Eisenhower, however, and partnered with S. Hekemian Group to win another bid for purchase. During the next four years the buyers market grew stronger, until Hekemian decided the time was right to sell.
Bergman still believed it to be a worthwhile asset, and with NDC Partners, a private equity firm, just completed the purchase of 45 Eisenhower Drive, in a transaction handled by Herrick, Feinstein, LLP.
“We have always liked the property and believed in its potential as a premier corporate site,” remarked Michael Bergman. “Between the excellent location and the fully modernized status of the facilities, we believe 45 Eisenhower will offer sustained appeal to businesses headquartered in the North Jersey corridor.”
The modern, Class A building is well appointed and features a full time lobby security desk and onsite Building Manager. 45 Eisenhower offers fiber optics and other high speed telecommunications options, ample parking, card key access, and an abundance of attractive restaurants and other specialty retail services along routes 17 and 4. Riverside Square, Garden State Plaza and Paramus Park shopping malls are all minutes away, and midtown Manhattan is reachable in just thirty minutes via either the GW Bridge or the Lincoln Tunnel.
Bergman Realty’s considerable reputation for acquiring, owning, managing and leasing commercial office properties will be further enhanced by this acquisition, which brings their total portfolio to 14 office buildings, containing nearly 1.5 million square feet of office space. Adds Michael Bergman, “We will continue to provide top-quality space for top-quality firms in our region. Understanding the marketplace, providing stable and well-maintained buildings, and meeting the needs of commercial tenants has established us as a key ‘source’ within the business and brokerage communities, and we intend to keep it that way.”
About Bergman Real Estate Group
The Bergman Real Estate Group (Bergman) is a privately held real estate owner and managing and leasing company headquartered in Iselin, New Jersey. It was founded in 1988. The principals of Bergman possess a broad range of experience. Jerry Bergman, President and Chief Executive Officer, has a real estate career that spans 45 years. Jerry had a long tenure as a partner with Tishman Speyer Properties. Bergman is actively acquiring office and industrial buildings throughout New Jersey. They are a pro-active operator looking for opportunities through leasing, renovation, expansion, and improved management. Bergman is focused on acquiring portfolios as well as individual properties.