New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Mountain Development Trades Paterson Offices
CBRE arranged the sale of 100 Hamilton Plaza in Paterson, NJ for $15,250,000. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer and Zach McHale of CBRE Institutional Properties represented seller Mountain Development Corp., and also procured the buyer, a private investor based in New York City.
More than 90% leased, 100 Hamilton Plaza is a 181,995-square-foot Class A office building at the center of Paterson’s CBD. Its location and importance as Paterson’s leading office building have been paramount with respect to tenant retention, with 54% of the current tenants having been in occupancy for 20-plus years.
“A tenant remaining at the same location for over 20 years is rarely seen in today’s ever-changing office market,” said Dunne. “Mountain Development was able to obtain and maintain this level of occupancy and commitment to the building through their focus on tenant relations and their high property management standards.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
