Hartz Mountain has sold its Office Building at Woodcliff Lake for 36 million dollars

Secaucus, a New Jersey based Hartz Mountain has sold the 155 Tice Boulevard to Sheila Properties. The property is now completely occupied by Eisai Incorporation that is the American subsidiary of global Japanese-based pharmaceutical company Eisai Corporation Linited which is yet again a leading R&D based pharmaceutical company that is specializing in oncological and neurological diseases. Eisai has attained a long-term lease for the whole building.

155 Tice has been dedicated to the clinical and oncology research, divisions of global regulatory compliance and medical services of Eisai. The selling of the property was made known by Cushman and Wakefield, a commercial real estate services firm, which actually brokered the deal.

David Bernhaut from Cushman and Wakefield, who stood for the seller and also secured the buyer along with Brian Whitmer, Andrew Merin, Kyle Schmit, and Gary Gabriel from C&W said that Eisai had been making their home in the Woodcliff Lake for more than a decade as a part of the rising life sciences/pharmaceutical sector of the northern New Jersey. They further added that this offering had brought forward a remarkable opportunity for them to obtain a safe and secure long-term net leased investment into a credit worthy tenant.

The 3-story 155 Tice Boulevard is situated on 10 acres land and is close to the Hilton Hotel and the corner shopping mall of upscale Tice.

Bernhaut has observed that the Woodcliff Lake Office has noticeably benefitted from the increase in growth of residential market that eventually led to an addition of lifestyle tenants and large retailers like the Wegman’s, The Fresh Market and Lifetime Fitness. He said that in turn, the quantity of retail and housing options are having a great benefit on the commercial sector.