Just five months after being appointed the exclusive sales agent for a Class A office/tech facility at 1111 MacArthur Boulevard in Mahwah, New Jersey by Seiko Holdings Corporation, CBRE has completed the disposition of the property for $10,295,000. The brokerage firm also arranged an 18,400sq.ft. leaseback by Seiko.

The CBRE team of Thomas Mallaney, Randy Eigen and Conor Dolan spearheaded the marketing campaign and represented the Japanese holding company in the negotiations with buyer 1111 MacArthur Boulevard LLC.

“The property provided the buyer with the opportunity to own a wonderful asset with two blue chip tenants already in place,” said Tom Mallaney, First Vice President. “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.”

“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,” added Mr. Eigen.

Built in 1979 and fully renovated in 1990, 1111 MacArthur Boulevard is a two-story, 140,420sq.ft. office/tech property situated on 18.86 acres. It is in close proximity to Interstate 287 and Route 17.Nuance Communications, a US-based multinational software technology corporation headquartered in Burlington, Massachusetts, occupies 27,317 sq. ft. of space at the property under a long-term lease.

The buyer was represented by John Friedland and Mark Tannen of United Realty Advisors, LLC.On the legal side, attorney John J. Oberdorf, Jr. of thefirm McManimon-Scotland-Baumann represented the seller, while Bruce E. Whitaker of the firm McDonnell & Whitaker represented the buyer.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.