HornRock Properties Acquires Sony Electronics US Headquarters Located in Park Ridge, NJ
PARAMUS, N.J. – As part of an aggressive push to expand and diversify its portfolio of real estate properties Hornrock Properties announced today that it has acquired One Sony Drive in Park Ridge, NJ 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, N.J.-based privately-run real estate development firm’s strategic acquisition program. The company has added a significant number of trophy residential and commercial properties in the mid-Atlantic region to its roster over the past several years. 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 square foot, 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.
One Sony Drive is located approximately one mile from Exit 172 of the Garden State Parkway, approximately five miles from the New York Thruway and 20 miles from New York City. Routes 75, I-287 and 17 are also easily accessible.
“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. “This is a Class A commercial property with tremendous appeal to new corporate tenants while also offering substantial prospective redevelopment opportunities. We look forward to implementing our strategy to unlock the full value of the property.”
Hornrock Properties’ growth plan benefits from a balance between its aggressive appetite and a calculated approach towards valuing and managing assets. It also benefits from access to capital, which means the company can opportunistically pursue a wide range of acquisitions.
“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,” says 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.”
In 2014 alone, Hornrock Properties added two new for sale residential projects totaling nearly 70 homes: Legacy of Mountain Lakes (www.legacyofmountainlakes.com), a luxury townhome community in Morris County, NJ, and Highpointe at Woodbury Junction (www.highpointewoodbury.com), a single-family home community in the historic Hudson Valley. The developer also announced the acquisition of residential real estate in Harrison, NJ that will be home to a 270-unit residential building.
Hornrock Properties’ success is rooted in the Hornblass brothers’ entrepreneurial spirit and their family’s 50-year history in real estate development. For more information on Hornrock Properties, visit www.hornrock.com.