Paramus Medical Center
Overview
Constructed in 1979 as a general-purpose office building, we acquired 30 West Century Road in XX. At the time of the acquisition, the building was fully vacant.
Property Highlights
Location
30 West Century Road, Paramus, NJ
Total Building Area
34,000 square feet
Property Type
Multi-tenant medical office buildings
Opened
2000
Strategy
Few investors would consider an empty office building as an attractive acquisition target. However, we saw that the local market boasted a high number of healthcare facilities but a lack of off-campus medical office buildings to support area doctors and systems.
Our understanding of the local market dynamics inspired us to reimagine the space around healthcare usage. We managed all facets of the project serving as a general partner for the redevelopment, financing, leasing and management of the property from its purchase through its sale.
Results
Following our construction process and aggressive leasing strategy, the new building was fully leased upon its reopening in 2000.
The strong leasing activity saw the building later sell for over three times the original purchase price enabling us to invest in two additional medical office properties in Maryland and Pennsylvania.
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