CBRE helps River Drive deal come to a close.CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. announced that it has closed the purchase of River Drive Center II in Elmwood Park Elmwood Park, village (1990 pop. 23,206), Cook co., NE Ill., a suburb of Chicago; inc. 1914. It is chiefly residential. , N.J. on behalf of the buyer. Senior vice president Geoffrey Schubert represented Pitcairn Properties in the acquisition of the 84,069 s/f office building while the CB Richard Ellis tri-state investment sales team, lead by Jeffrey R. Dunne, represented the seller in the transaction. "We were pleased to have represented Pitcairn in the purchase of River Drive Center II," said Mr. Schubert. "This purchase reflects the tremendous demand for class A properties in the region." Pitcairn Properties has also selected CBRE CBRE CB Richard Ellis (real-estate firm) CBRE Chemical, Biological, Radiological and Explosive CBRE Component-Based Reliability Estimation CBRE Coldwell Banker Richard Ellis (Boston, MA) as its exclusive leasing and management agent for the property. Geoffrey Schubert; Daniel F. Casey, III and Michael Gervasio will lead this new assignment. Pitcairn Properties is a full-service real estate developer, owner and manager. Pitcairn rose to prominence with the development of a number of class A high rise buildings that are landmarks in the Philadelphia and Pittsburgh skylines, including the Bell Atlantic Tower The Bell Atlantic Tower is a 53 story high-rise located in Philadelphia, Pennsylvania. Height to structural top is 739 ft (225 m) with construction being completed in 1991. The building encloses 1.3 million square feet of office space. in Philadelphia and the PPG PPG Points Per Game (basketball player statistic) PPG Power Play Goals (hockey) PPG Planning Policy Guidance (UK) PPG Programmable Pulse Generator PPG Power Puff Girls Tower in Pittsburgh. "We are bullish on Northern New Jersey because it's a deep sub-market with limited supply of new developments," said Joseph L. Fox, executive vice president with Pitcairn Properties. "Pitcairn already has footprints in the region and intends to expand rapidly here. River Drive Center II represents a good case study in the type of opportunistic opportunistic /op·por·tu·nis·tic/ (op?er-tldbomacn-is´tik) 1. denoting a microorganism which does not ordinarily cause disease but becomes pathogenic under certain circumstances. 2. investments we are aggressively pursuing." Located at 669 River Drive in Elmwood Park, River Drive Center II is part of a three-building office complex that sits at a nexus of northern New Jersey's roadways. The site enjoys almost immediate access to Interstate 80 at Exit 61 and lies within a half-mile from Exit 157 of the Garden State Parkway The Garden State Parkway is a 172.4-mile (277-km) limited-access toll parkway that stretches the length of New Jersey from the New York state line at Montvale, New Jersey, to Cape May at the southern tip of the state. Its name refers to the state nickname, the "Garden State". , less than two miles from Routes 21 and 46. River Drive Center II was developed in 1984, renovated in 1996, and is currently 60% leased to such tenants as WebMD, MetLife and Profit 21. |
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