PARK RIDGE, NJ — As part of an aggressive push to expand and diversify its portfolio of real estate properties, Hornrock Properties announced that it has acquired One Sony Dr. in Park Ridge from Sony Electronics Inc. Hornrock also came to an agreement with Sony to lease back a portion of the space in the building.
The deal is indicative of the Paramus, NJ-based privately-run real estate development firm’s strategic acquisition program. Led by Maurice and David Hornblass, Hornrock Properties has implemented a trailblazing investment approach that centers on acquiring value-added assets and executing responsible development and operational practices that fully maximize return on investment.
The acquisition brings a 220,877 s/f, class A, headquarters quality building into Hornrock’s growing portfolio of real estate assets. The building sits on 37.2 acres of pristine land located in the heart of upscale Bergen County.
“The acquisition of One Sony Drive is an excellent addition to our New Jersey portfolio and is consistent with our investment philosophy of acquiring assets that are located in distinguished towns and present value-add opportunities,” said David Hornblass, a principal of Hornrock Properties.
“One Sony Drive is a perfect example of the type of property we look to purchase, and its acquisition was the result of our reputation as a developer and our ability to transact quickly,” said Maurice Hornblass, another principal of Hornrock Properties. “The asset is one of the most recognizable business addresses in northern New Jersey and its location in an affluent, business-friendly area will be extremely attractive to commercial tenants. Utilizing our extensive network of industry resources and relationships, we completed this transaction in a timely manner that was beneficial to both buyer and seller.”