Legal Destination Trades Hands for $17M

ROSELAND, NJ-Jeffrey Dunne, Kevin Welsh and Christopher Leonard of CB Richard Ellis’ New York Institutional Group represented ownership in the sale of 425 Eagle Rock Ave. here for $17.5 million. Glenn B. Dulmage of MRH Real Estate Services Inc. represented the buyer, a private investor. The building, being sold by Principal Life Insurance, is known as a “lawyer destination” property because it houses a number of legal practices.

The 128,034-square-foot class A office property was constructed in 1987 and features a marble and glass clad exterior, landscaping and a four-story atrium entrance. The current rent roll is anchored largely by tenants in the law, insurance and accounting industries.

According to Dunne, “425 Eagle Rock Ave. offers the purchaser a quality mix of tenants, stable cash flow and a balanced lease rollover in the future. As a result, they should fare well in the long-term with their new investment. By marketing to the broadest mix of office buyers, CBRE was able to identify the ideal local private buyer and deliver the best execution for ownership.”

The New Jersey Society of CPAs renewed its lease in late April and two law firms–Post, Polak, Goodsell, MacNeill & Strauchler PA and Zeller and Strulowitz LLP–recently renewed space here.