Hartz Mountain unloads fully leased Woodcliff Lake office property for $36M

The 118,000-square-foot office building at 155 Tice Boulevard in Woodcliff Lake was sold Monday for $36 million to Sheila Properties, NJBIZ reported. According to Cushman & Wakefield, which brokered the transaction on behalf of the seller, Secaucus-based Hartz Mountain Industries, the property is fully occupied by Japanese pharmaceutical company Eisai Co., whose Eisai Medical Research unit occupies 160,000 square feet of office space in Woodcliff Lake. The Bergen County deal works out to $305.08 per square foot. A CBRE market report found that the Montvale and Woodcliff Lake submarket had an availability rate of 25.6 percent during the first quarter of this year. Average asking rents in the submarket closed the first three months of 2019 at $27.03 per square foot. Hartz Mountain has been one of the main beneficiaries of the industrial boom in New Jersey, although The Real Deal noted earlier this year that the firm has recently made aggressive strides to position itself as a residential developer in both Secaucus and Jersey City. [NJBIZ]