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