50 TICE BOULEVARD
PROPERTY DETAILS
- 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.
| Asset Class | Office |
| Property Size | 250,000 SF |
| Investment Status | Redevelopment |
| Forecast Deal IRR | 25% |
| Forecast Deal EM | 1.68X |
| Year Acquired | 2017 |