Jones Lang LaSalle

$12M Takes 128,000-SF Office Building
By Eric Peterson
Last updated: December 2, 2005 10:36am

HASBROUCK HEIGHTS, NJ-The New York City-based Praedium Group and the Dallas-based Lincoln Property Co. have teamed up to buy 611 Route 46 West, a 128,300-sf office building here. The two firms paid Secaucus, NJ-based Hartz Mountain Industries $11.9 million, or about $93 per sf for the asset.

Also known as 10 Mulholland Dr., the four-story asset was built in 1983 and was 50% occupied at the time of purchase. The existing tenant roster consists of a range of largely small-space users and the building has availabilities of as small as 2,600 sf.

“We plan to improve the physical appearance of the property, both interior and exterior,” says Chris Hughes, a principal at Praedium. “We also plan to increase occupancy through a focused leasing strategy targeting small and mid-sized tenants.”

“It is currently an underperforming office building in what we feel is a highly desirable location,” says Michael Taylor, senior vice president at Lincoln Property Co., which has a regional office in Edison. “We are planning to reposition this struggling class B building into a quality class A building by implementing a capital plan that includes renovations to the building façade, main lobby and all common areas.”