{"id":1004309882,"date":"2019-03-20T04:12:30","date_gmt":"2019-03-20T12:12:30","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004309882"},"modified":"2019-03-20T04:12:30","modified_gmt":"2019-03-20T12:12:30","slug":"former-toys-r-us-headquarters-in-nj-changes-hands","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/former-toys-r-us-headquarters-in-nj-changes-hands\/","title":{"rendered":"Former Toys R Us Headquarters in NJ Changes Hands"},"content":{"rendered":"
\"\"<\/a>

1 Geoffrey Way<\/p><\/div>\n

CBRE has facilitated the sale of Toys \u201cR\u201d Us\u2019 former headquarters in Wayne, N.J., to a developer planning to convert the 621,000-square-foot campus into a multiple-use center.<\/p>\n

\u201cThe appeal of the property starts with having such a large contiguous campus setting coupled with a breathtaking view of the reservoir,\u201d<\/em> CBRE Executive Vice President Jeffrey Babikian told Commercial Property Executive. \u201cThere is nothing like this site with proximity to New York City.\u201d<\/em><\/p>\n

The toy giant declared bankruptcy last year<\/a> and the property has been on the market since last summer. Many real estate experts have written about the fact that demand for office campuses with a single corporate tenant has been quickly fading, so there was always belief that the property would sell to a new owner looking to transform the property.<\/p>\n

Located at 1 Geoffrey Way, a street originally named in honor of the retailer\u2019s famed mascot, the property is situated on nearly 191 acres, in a triangle bordered by Berdan Avenue, Hamburg Turnpike and Point View Reservoir.<\/p>\n

\u201cThe chance to own a site like 1 Geoffrey Way does not come around often<\/em>,\u201d, Babikian said.\u201cNot only is the new ownership securing a world-class office complex, but also a one-of-a-kind development opportunity to enhance a site that offers a beautiful campus-like setting with a scenic view and numerous amenities.\u201d<\/em><\/p>\n

A storied history<\/h2>\n

Built in 1962 for American Cyanamid, Toys \u201cR\u201d Us called the campus home for 16 years. It consists of two interconnected Class A office buildings and a state-of-the-art complex.<\/p>\n

\u201cAlthough the location is attractive, it still has to overcome the suburban stigma, but given the right amenity and infrastructure commitment, it will succeed,\u201d<\/em> Babikian concluded. \u201cThere was significant interest in the property, especially from the residential sector.\u201d<\/em><\/p>\n

CBRE\u2019s Babikian, Robert L\u2019Abbate, Allyson L\u2019Abbate, Nor Ramos and Brian Godau represented Toys \u201cR\u201d Us Property Co. I LLC in the transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"

The ownership group that acquired the property plans to transform the 621,000-square-foot campus built in 1962 into a multi-use site.<\/p>\n","protected":false},"author":451,"featured_media":1004309903,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,1600,21742,10,21747],"tags":[32789,44777,44774],"class_list":["post-1004309882","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-new-york","category-latest","category-northeast","category-office","tag-cbre","tag-fairfield-submarket","tag-jeffrey-babikian"],"acf":[],"yoast_head":"\nFormer Toys R Us Headquarters in NJ Changes Hands - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/former-toys-r-us-headquarters-in-nj-changes-hands\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Former Toys R Us Headquarters in NJ Changes Hands\" \/>\n<meta property=\"og:description\" content=\"The ownership group that acquired the property plans to transform the 621,000-square-foot campus built in 1962 into a multi-use site.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/former-toys-r-us-headquarters-in-nj-changes-hands\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-20T12:12:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/1-Geoffrey-Way-e1553083805967.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1139\" \/>\n\t<meta property=\"og:image:height\" content=\"854\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/former-toys-r-us-headquarters-in-nj-changes-hands\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/former-toys-r-us-headquarters-in-nj-changes-hands\/\",\"name\":\"Former Toys R Us Headquarters in NJ Changes Hands - 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