First Mile Properties Acquires 287K SF Office Building In Paramus For $56M

First Mile Properties, affiliated with Crown Acquisitions, has purchased a 287,392-square-foot office building in Paramus, N.J., for $56 million from DRA Advisors and Onyx. The property, located at 61 South Paramus Road, was previously acquired as a leasehold interest from Mack-Cali Realty Corp. The office building includes financial services tenants such as Morgan Stanley and Liberty Mutual. The acquisition was facilitated by a $33.6 million loan from Société Générale.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $56,000,000
• Square Footage: 287,392
• Address: 61 South Paramus Road
• Market: Paramus

The buyer, First Mile Properties, is affiliated with Crown Acquisitions. The seller was a joint effort between David Luski from DRA Advisors and Jonathan B. Schultz from Onyx. The brokers involved in the deal were David Bernhaut, Frank DiTommaso, Gary Gabriel, and Seth Zuidema from Cushman & Wakefield. The lender for the transaction was Société Générale, with Brad Domenico from Progress Capital acting as the mortgage broker.