85 Chestnut Ridge Road
Montvale, NJ

On May 16, 2006, Meritage acquired 85 Chestnut Ridge Road, a 60,288 square foot office building located in the center of Montvale, New Jersey. The purchase price of $5,800,000 or approximately $96/SF represents a significant discount to replacement cost.  Executive Jet Corporation had utilized this building in the 1980’s and 1990’s as its corporate headquarters prior to being purchased by Berkshire Hathaway. The property maintains many corporate amenities such as mature landscaping and natural grounds, numerous separate private entrances, a private tennis court, and high visibility and signage on the Garden State Parkway.

Many of 85 Chestnut Ridge’s components were original at the time of our acquisition. Its outdated physical plant and a poor image in the local market had kept this property from becoming one of the top small tenant buildings in the Montvale/Park Ridge/Woodcliff Lake submarket. Undertaking a comprehensive redevelopment plan for the building, Meritage and its partner, Accordia Realty Ventures, moved quickly to reposition this property in the eyes of local tenants and brokers.

The completed redevelopment plan resulted in the following upgrades:

• Replacement of the HVAC system
• Demolition of all vacant space and development of several Key Space suites
• Installation of a new full service elevator
• Replacement of the existing roof
• Renovation of the building façade and common areas
• Upgrades to the existing bathrooms

For Further Information Contact:

Meritage Properties
(Owner) (914) 723-3533

Accordia Realty Ventures
Jason Bogart
(Co-Owner and Manager) (973)244-7802
jbogart@accordianrealty.com

CB Richard Ellis
David Opper
(Leasing Agent) (201) 712-5600