National firm pays $28m for 19-acre campus.The Andalex Group, a real estate organization with an extensive national portfolio, has acquired the Sylvan sylvan emanating from or pertaining to woods. See also sylvatic. Corporate Center in Englewood Cliffs, N.J., a sprawling 19.6-acre campus and office complex situated in a prime business corridor. The purchase price was in excess of $28 million. "Sylvan Corporate Center is an exciting addition to our portfolio because of its outstanding tenancy A situation that arises when one individual conveys real property to another individual by way of a lease. The relation of an individual to the land he or she holds that designates the extent of that person's estate in real property. and the opportunity it offers for further development," said Andrew Silverman, vice president and chief investment officer of The Andalex Group. "With approximately half of the site available for development, we look forward to bringing this property to its full potential as a premier corporate destination," added Alex Silverman, The Andalex Group's vice president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . The fully-occupied existing office complex at Sylvan Corporate Center is a 140,000 s/f, two-story building, which was completed in 1988. The building consists of two wings connected by a glass-enclosed elevated pedestrian corridor. The beautifully landscaped grounds provide an ideal setting, while the property offers tenants a corporate cafeteria cafeteria: see restaurant. and nearly 850 parking spaces, approximately 135 of which are located in a covered parking area with direct access to the building. Plans have already been approved for the development of the available land at the Sylvan Corporate Center site, which would allow for a second 140,000 s/f, two-story complex to mirror the existing facility, as well as an additional 125 covered parking spaces. Two major corporations, LG Electronics and Unilever Inc, maintain their North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. headquarters on neighboring neigh·bor n. 1. One who lives near or next to another. 2. A person, place, or thing adjacent to or located near another. 3. A fellow human. 4. Used as a form of familiar address. v. properties along Sylvan Avenue. The expansion of these companies led them to take space at Sylvan Corporate Center and they now occupy more than 50% of the existing facility. Other corporate neighbors include CNBC CNBC Center for the Neural Basis of Cognition (artificial intelligence) CNBC Consumer News and Business Channel CNBC Congress of National Black Churches, Inc. , which recently established its headquarters and broadcast studio in the area. The surrounding corporate community provides a strong potential tenant base for the planned development on the site. |
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