George Comfort Sells 9W Office Center

FORT LEE, NJ-The 9W Office Center, a seven-story 215,274-sf class A building at 2200 Fletcher Ave. here, has been sold by a partnership operated by the New York City-based George Comfort and Sons Inc. for $53 million. The new owner of the 20-year-old building is the James Campbell Co., the Honolulu-based successor company to the Estate of James Campbell.

The all-cash deal, which factors out to approximately $246 per sf, was arranged for the Comfort partnership by Jeffrey Dunne, Kevin Welsh, Jeffrey Oram and David Opper, all of CB Richard Ellis’ New York Institutional Group. Campbell was advised by Hart Realty Advisors.

“The building has strong in-place NOI coupled with limited near-term rollover and attractive long-term upside from its below-market rents,” Dunne says. “It was an ideal fit for the 1031 exchange requirements of the James Campbell Co.”

Welsh says that “the sale generated an exceptionally high level of investor demand due to its mix of credit tenants, its leading market position, current in-place yield and lifestyle work environment that includes a Kings Supermarket, Starbucks, Bank of America and a number of other services adjacent to the property.”

Current tenants include WNJU-TV, Merrill Lynch, Nat Sherman and Charles Schwab. Current availabilities adding up to just more than 9,000 sf are listed with an asking price of $32 per sf.

Located near the George Washington Bridge to Manhattan, the building is attached to a four-level parking that’s approximately 90% covered parking. The building was, for a number of years, the headquarters of CNBC before that broadcast outlet moved its operations to larger quarters in nearby Englewood Cliffs.