Englewood Cliffs, NJ – October 20, 2016 – Normandy Real Estate Partners, a leading real estate operator and fund manager, today 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 sf office complex that includes three interconnected buildings (Buildings A, B & C) situated on Route 9W in the Palisades Gold Coast area. On October 11, 2016, Normandy sold 157,411 SF of the property, which is under long-term lease to Unilever, to an undisclosed buyer. Normandy plans to completely reposition and redevelop the remaining SF at 800 Sylvan Way as one of the premier office buildings in Bergen County.
800 Sylvan Avenue 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 SF 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 SF 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.
About Normandy Real Estate Partners
Normandy Real Estate Partners is a leading real estate operator and investment manager headquartered in Morristown, NJ with offices in Boston, New York City and Washington, D.C. Normandy currently manages a series of discretionary real estate funds totaling approximately $1.5 billion of equity commitments. Normandy’s existing portfolio includes 13.2 million square feet of commercial assets, four hotels and numerous land development sites. Normandy targets value added real estate investments in the gateway markets of Boston, Metro New York City, and Washington, D.C. where opportunities exist to enhance value through creative repositioning, financial restructuring, intensive management, and capital improvements. For more information visit www.normandyrealty.com.