Jones Lang LaSalle

$31M Takes 188,000-SF Office Building
By Eric Peterson
Last updated: January 23, 2006 10:57am

LYNDHURST, NJ-1200 Wall SPE LLC, an entity controlled by the Gale Co. of Florham Park, has sold the 187,951-sf 1200 Wall St. office building for $31.25 million, or $166 per sf. The identity of the buyer was not released.

The sale was arranged for the seller by Jeffrey Dunne, Kevin Welsh and Jeffrey Oram of CB Richard Ellis’ New York Tri-State Investment Team. The six-story class B+ building, located on eight acres within the Meadowlands Corporate Center, is currently 93.2% leased to eight tenants. Quest Diagnostics (77,283 sf), the GSA (35,358 sf) and Citizen Watch Co. (18,752 sf), occupy about 70% of the space. There is no lease roll until 2011, according to Dunne.

The site is also near several major new projects, including EnCap’s Meadowlands Golf Resort Village, Meadowlands Xanadu and an AvalonBay residential community. “The new, adjacent development projects will positively transform the southwestern part of the Meadowlands market area,” Dunne says.