50 TICE BOULEVARD
- Capstone acquired a 53% leased class-A office building from Mack-Cali Corporation.
- The building totals 250,000 SF and is located at 50 Tice Boulevard Woodcliff Lake, NJ, prominently situated at the corner of Chestnut Ridge Road and Tice Boulevard.
- Woodcliff Lake is known as a hub for corporate office centers; The surrounding area is populated by high income earners and is constantly growing.
- Building Renovations Include:
- Complete systems upgrade including $1.5M of new HVAC equipment and all new LED lighting.
- Redesigned common spaces, a new executive conference room, fitness center, and café.
- Reimagined interior design including new carpet, wallpaper, front lobby entrance, etc.
- Complete landscaping overhaul, new front entrance, new trees, better visibility.
|Property Size||250,000 SF|
|Forecast Deal IRR||25%|
|Forecast Deal EM||1.68X|