Deals & Dealmakers: Selling Points – Rugby Realty makes a corporate play
By REW Staff
Real Estate Weekly – December 11, 2013
Rugby Realty Co., Inc. has acquired City View Corporate Center, a Class A office building in Lyndhurst, NJ, from TA Associates Realty for an undisclosed price. The 135,418 s/f property at 160 Chubb Avenue is nearly 80 percent occupied, with 26,000 s/f of contiguous space currently available for lease.
Cushman & Wakefield represented the seller in the transaction. C&W’s Curtis Foster has been named leasing agent for the property.
“We expect to quickly bring City View Corporate Center’s occupancy to 100 percent while providing a better tenant experience,” said Maurice Ades, Rugby Realty’s principal and managing director. “In addition, we intend to grow our portfolio in the New York region significantly.”
The transaction marks Rugby Realty’s first office acquisition in New Jersey, and it owns an industrial site in nearby Teterboro, NJ. Few physical improvements will be required at City View Corporate Center, which was fully redeveloped in 2006. The three-story structure’s green glass façade allows unobstructed views of New York City, and on-site amenities include a full-service cafeteria. Tenants include Argo Turboserve Corp., a supply chain manager serving the aerospace industry, federal governmentView the story here .