Colliers to lease Hanover office complex bought in February for $21M

Asset manager Northeast Capital Group has tapped Colliers International as exclusive leasing agent for its recently acquired 177,820-square-foot office property in East Hanover, NJBIZ reported. Northeast Capital, which is based in Ramapo, New York, in Rockland County, paid $20.85 million in February – or $117 per-square-foot – to acquire the building at 120 Eagle Rock Avenue, according to research from CBRE Group. Existing tenants at the property include market research firm GfK, the Kessler Foundation and Prudential Insurance Company of America. Boxer Property Management Corporation sold the complex to Northeast Capital when it was 79 percent leased, according to a GlobeSt report from February. The Morris County property has reportedly undergone significant renovations. Northeast Capital has been busy in the region lately, having paid $14 million to acquire another office property in Montvale straddling the New York-New Jersey border late last year. Correction: A previous version of this post misstated Colliers’ role on behalf of Northeast Capital. [NJBIZ]