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1655 Valley Road - SOLD
Wayne, NJ
This 11-acre property, originally constructed in 1987 as the U.S. headquarters for consumer product giant Reckitt Benckiser, sits on the Passaic/Bergen county border in one of New Jersey's prime commercial neighborhoods. The building is designed as two, 80,000-square-foot wings anchored by a dramatic, full-height glass atrium lobby. It features ample parking and amenities including a full-service cafeteria, indoor/outdoor patio seating, fitness center (with locker rooms) and conference room facilities. Excess land capacity can support an expansion of approximately 24,000 square feet.
Prism acquired the asset a few years after Reckitt vacated it. The firm attracted a new anchor tenant: package delivery giant UPS, which leased 120,000 square feet there in 2010. Prism coordinated a total interior retrofit at 1655 Valley Road to ready the space for more than 650 UPS employees. Prism then completed extensive capital upgrades - including parking lot improvements, as well as roof and mechanical upgrades - to position the balance of the property as an attractive, Class A leasing opportunity.
Following this success, in 2011 Prism sold the building to a New York-based, privately held real estate investment firm for approximately $14.2 million.
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