$25M Loan Set for Rockaway 80

ROCKAWAY, NJ-An affiliate of Grosvenor Investment Fund has picked up a $25-million first mortgage financing from MassMutual for the 260,186-sf Rockaway 80 Corporate Center here. GIM, the North American fund management subsidiary of London-based Grosvenor Group, acquired the asset at 100 Enterprise Dr. a year ago from Onyx Equities on behalf of a public pension fund, and the financing is related to that acquisition.

The floating-rate loan was arranged by director Steven Klein and senior managing director Michael Tepedino of the New York City office of Holliday Fenoglio Fowler, representing the borrower. Further details of the package were not released.

Originally completed in 1991 and renovated in 2006 by previous owner Onyx, the seven-story class A asset is 77% leased, with availabilities ranging from less than 1,000 sf to 21,000 sf listed with an asking price of $27.50 per sf. Current tenants include Warner Chilcott, Reed Elsevier, Prudential Insurance, Hartford Insurance and Edy’s Ice Cream.

“This location offers tenants a combination of corporate amenities and proximity to the population base,” says Klein, who notes that the building is located between exits 34 and 35 of I-80.