On December 19, 2006, affiliates of Meritage Properties and Mountain Development Corporation acquired One Garret Mountain Plaza, a 174,728 SF, 9 story class B office building on a scenic 18 acre parcel directly overlooking Highland Lake in the newly named Woodland Park, NJ (formerly West Paterson).

One Garret is prominently located at Exit 56 on Route 80, approximately 3.5 miles from the intersection of Route 80 and the Garden State Parkway. The building has superb visibility and easy access to all of northern New Jersey and midtown Manhattan (approximately 20 miles away).

The acquisition of this asset provided the joint venture a unique opportunity to reposition a prominently located suburban New Jersey property. In addition to an aggressive marketing and leasing plan, this repositioning involved a full lobby and common area upgrade, including an updated building café and exterior building signage to highlight One Garret’s new image. The building recently achieved 92% occupancy.