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

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