First Mile Properties Acquires New Jersey Office Property for $56M, SocGen Provides Loan
Société Générale supplied $33.6 million acquisition loan for a 287,392-square-foot building in Paramus.
By Andrew Coen January 2, 2024 4:21 pm
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Crown Acquisitions affiliate First Mile Properties has purchased a 287,392-square-foot office building in Paramus, N.J. for $56 million, Commercial Observer can first report.
DRA Advisors and Onyx sold 61 South Paramus Road to First Mile, just six years after the joint venture acquired a leasehold interest in the asset from Mack-Cali Realty Corp. (now Veris Residential) for an undisclosed price.
Cushman & Wakefield’s David Bernhaut, Gary Gabriel, Frank DiTommasso and Seth Zuidema brokered the sale.
Société Générale provided a $33.6 million acquisition loan for the deal that closed on Dec. 28. Progress Capital’s Brad Domenico arranged the financing.
“It really was a team effort to get a deal like this across the finish line in this market,” Domenico said in a statement.
Domenico credited Société Générale with enabling Crown to “capitalize on a significant decrease” in long-term interest rates at the end of last year as the 10-year Treasury yield went down when the Federal Reserve pivoted toward a rate cut policy in 2024.
The 1984-built office property is located near Route 17, Route 4 and the Garden State Parkway. The recently renovated building houses a number of financial services tenants including Morgan Stanley, Mass Mutual, Raymond James and Liberty Mutual.
“Onyx Equities and DRA Advisors have done an exceptional job managing this best-in-class asset throughout their ownership period,” Bernhaut said in a statement. “While less amenitized office properties are experiencing decreasing occupancy rates, 61 South Paramus has attracted three new tenants and one expansion in the last 12 months alone bringing occupancy to over 96 percent.”
Officials at Crown Acquisitions and Société Générale did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
