Listen to this articleNAI James E. Hanson has negotiated a sale and partial leaseback of an office building in Hackensack.
On August 27, NAI Hanson announced that it represented the seller, Iron Capital Management LLC, and the buyer, 55 State St. Holdings LLC, in the transaction. The two-story building at 55 State St. has 836 square meters of floor space.
Under the agreement, the owner will lease back space on the second floor to continue operating his law practice. According to NAI Hanson, the new owner will occupy 4,500 square feet of vacant space in the basement.
The office building is one block from the Bergen County Courthouse and Administration Building. According to NAI Hanson, the space is well suited for attorneys or other professional services firms.
Vice Presidents Anthony Cassano and Dick Hecker represented the parties in the transaction.
“The Bergen County Court and Administration Complex remains a key demand driver for the Downtown Hackensack office sales and leasing market,” said Cassano. “With the expected influx of new residents and businesses in the coming years, we expect the market to become even more competitive, making properties like 55 State Street extremely attractive investment opportunities for owners and operators.”
New York City-based SLB Capital Advisors also released its August sale-leaseback market update on Tuesday.
According to the report, transaction volume rebounded more than 77% in the second quarter, from a low of $1.8 billion in the first quarter to $3.2 billion in the second quarter. SLB said the 158 individual transactions recorded marked an increase of about 7% from the first quarter. According to the report, the office sector accounted for 3% of sale-leaseback activity in the second quarter.
