Mack-Cali sells Fort Lee office building to Cross River Bank

May 14, 2019 06:23PM

Cushman & Wakefield closed last week on the off-market sale of a 70,000-square-foot office building in Fort Lee to Cross River Bank, NJBIZ reported. The Cushman team represented the Teaneck-based buyer on its acquisition of 2115 Linwood Avenue from Mack-Cali Realty. According to a news release from the brokerage, Cross River will relocate 200 employees from its current location to the new site and will add more than 250 new jobs. Financial terms of the transaction were not disclosed. Cross River, which operates in the fintech space, had reportedly been considering a relocation of its headquarters to Orangeburg, New York, in Rockland County. According to research from CBRE Group, the average leasing rate in the Palisades office submarket reached $28.01 per-square-foot during the first quarter of this year, while availability hit 14.8 percent. Mack-Cali, a Jersey City-based real estate investment trust, has been busy this year buying and selling properties as it battles New York-based activist investor Bow Street Capital. Mack-Cali has said it completed a $563 million asset disposition at an average capitalization rate of 5 percent during the first quarter of 2019. [NJBIZ]