Cushman & Wakefield Reps Seller in Disposition of Fully Leased Office Asset
Polygon Plaza, a 90,000-square-foot office building located at 2050 Center Ave., in the heart of Fort Lee’s bustling redevelopment district, has traded for $22 million. A BFE affiliate sold the fully leased asset to H&M Group, Inc., a New York investor.
BFE acquired the building in 1994 for $6.4 million; the seller, Connecticut Mutual Life, had acquired it through a foreclosure. Today, Polygon Plaza is leased to a mix of small and mid-sized tenants, including many long-term occupants. Trans-Hudson Management Corp., a BFE affiliate, will continue to manage the building for the new owner.
“BFE did a remarkable job stabilizing Polygon Plaza and enhancing its competitive position,” Cushman & Wakefield’s Andrew J. Merin, who represented BFE in the sale with Metropolitan Area Capital Markets Group team members David Bernhaut, Gary Gabriel and Brian Whitmer. “In turn, the organization achieved an impressive return on its initial investment by going out to market at a time when office investment demand is rebounding, especially in desirable New Jersey Gold Coast markets like Fort Lee.”
Ashley Kim and Bowen Pak of Eastern International Realty, Inc. served as co-brokers for the seller in the transaction.
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit or follow @CushWake on Twitter.
