Accordia Buys 201,000-SF Building

FAIRFIELD, NJ-Accordia Realty Ventures has acquired Greenbrook Executive Center, a 201,000-sf class A office complex here, GlobeSt.com has learned. The seller was Transwestern Investment Co. The sale price was not released, but industry sources put the number in the $32-million range, or about $159 per sf.

For Accordia principal Joseph Romano, the acquisition is a homecoming of sorts, as he originally developed the property 16 years ago. “I always considered this one of the nicest properties I had developed, so we were really pleased to have the opportunity to re-acquire it,” Romano tells GlobeSt.com.

The three-story building sits on 20 acres at 100 Passaic Ave. It’s across from the Essex County Airport, and adjacent to the Greenbrook Country Club, from which the site was originally acquired.

The building is currently 85% occupied, with a tenant roster that includes Ikon Office Solutions, Information Resources and the law firm Bleakley Dwyer Cooney. “We plan a very aggressive program to finish leasing the few remaining suites in the building,” Romano says. Also in the building is the main New Jersey office of national real estate brokerage firm Grubb & Ellis, which has been retained by Accordia to manage and lease the property.

The pick-up marks the third and largest acquisition by the West Orange-based Accordia, which was formed a year ago. The firm is in the final stages of renovating the 62,000-sf former Executive Jet headquarters building in Montvale, acquired earlier this year. Its initial acquisition, in late 2005, was the 60,000-sf Warren Corporate Center in Warren.