Normandy unveils Gold Coast development plan.
Normandy Real Estate Partners has announced the next phase in its plans to redevelop 800 Sylvan Avenue in Englewood Cliffs, NJ.
In June 2016, Normandy closed on the purchase of the 365,169 s/f office complex that includes three interconnected buildings situated on Route 9W in the Palisades Gold Coast area.
On October 11, 2016, Normandy sold 157,411 s/f of the property, which is under long-term lease to Unilever, to an undisclosed buyer.
Normandy plans to completely reposition and redevelop the remaining square feet at 800 Sylvan Way as one of the premier office buildings in Bergen County.
800 SylvanAvenue is currently fully leased to Unilever, but the company plans to vacate the portion of the complex that Normandy plans to redevelop, currently under short-term lease, when its North American headquarters building is completed.
As previously announced, the 325,000 s/f headquarters, located at the adjacent 700 Sylvan Avenue, is also being developed by Normandy, in conjunction with OVG Real Estate.
The redeveloped property will be one of the most intelligent, energy-efficient and highly advanced corporate facilities on the East Coast when completed in late 2017.
"We are pleased to announce the next phase in the redevelopment of 800 Sylvan Avenue, which coincides with the sale of the long-term leased portion of the property," said Paul Teti, Principal of Normandy Real Estate Partners.
"We plan to completely redevelop the remaining 207,758 s/f of the complex into a premier, Class A building that complements the exceptional building we are developing for Unilever next door. 800 Sylvan Avenue is situated in an ideal location, atop New Jersey's Hudson River Palisades, directly across from New York City--and just minutes from the George Washington Bridge.
"This will be a rare opportunity for a corporate headquarters user looking for an outstanding location, coupled with a state-of-the-art facility in a submarket that offers a highly-educated labor pool."
Englewood Cliffs is one of the wealthiest towns in the country, and Bergen County is one of the most sought after destinations in the Tri-State area.
800 Sylvan Way is located near the largest convergence of highways in the New York Metropolitan area, allowing for immediate access to New York City and beyond.
Cushman & Wakefield represented Normandy in the sale of the long-term leased portion of the property.
A team led by Rob Donnelly, Jr. of Cushman & Wakefield of New Jersey, will represent Normandy in leasing the redeveloped portion of the property, with HLW Architects serving as the architect.
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|Publication:||Real Estate Weekly|
|Date:||Oct 26, 2016|
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