Sony Electronics Inc. has sold its Park Ridge building to Hornrock Properties of Paramus for an undisclosed amount, and plans to lease back part of the building.
Hornrock said the purchase was part of an effort to diversity its portfolio, which also includes town houses in Morris County and single-family homes in Central Valley, N.Y. Hornrock is led by Maurice and David Hornblass, whose family has a 50-year history in real estate development.
When Sony put the property on the market last fall, it said it was using only part of the building and looking for the most “cost-effective” use of all its buildings.
The property, which was built in 1982, is a 220,877-square-foot building on Sony Drive, near Garden State Parkway’s Exit 172. It includes 30 acres in Park Ridge, assessed at $30 million, with property taxes of $729,300, according to public records. It also includes seven acres on Chestnut Ridge Road in Montvale, assessed at $1.4 million, with taxes of $30,425.
About 330 people work at the site, which is an operations center for the Japanese company, which has its U.S. headquarters in New York City.
Sony has struggled in recent years as the demand for compact digital cameras and televisions has fallen. Sony also has trailed the competition in sales of smartphones.
“This is a Class A commercial property with tremendous appeal to new corporate tenants, while also offering substantial prospective redevelopment opportunities,” David Hornblass, a principal of Hornrock Properties, said in a statement.