Former Toys R Us Headquarters In Wayne Sold

WAYNE, NJ — The former Toys R Us headquarters on Geoffrey Way has been sold.

CBRE Group Inc announced the sale of the 191-acre campus in a news release Monday.

CBRE did not name the buyer, who will plan to "enhance the site for multiple uses," the real estate firm said. A sale price was also not provided.

The campus overlooks the Point View Reservoir. It has two connected office buildings about 621,000 square feet in size.

The property housed the former Toys R Us headquarters for 16 years. The complex was built in 1962. Toys R Us renovated it into a state-of-the-art facility when it took over the property.

"The chance to own a site like 1 Geoffrey Way does not around often," said CBRE Executive Vice President Jeffrey Babikian. "Not only is the new ownership securing a world-class office complex, but also a one-of-a-kind development opportunity to enhance a site that offers a beautiful campus-like setting with a scenic view and numerous amenities not to mention proximity to New York City."

See related: Everything Must Go: NJ Toys R Us, Babies R Us Closing Sale On Now

A once-dominant toy retailer, Toys R Us shuttered all of its 735 United States stores last year after filing for Chapter 11 bankruptcy protection in March 2018.

The bankruptcy filing came amid slumping sales and mounting debt, which grew to about $5 billion. The once-popular chain faced increasing competition from Amazon, Walmart and Target. The chain was set to close about 180 of its stores, or about 20 percent.

A federal bankruptcy judge ruled in late 2017 that Toys R Us may pay 17 executives about $14 million in incentive bonuses if it hits a certain earnings amount. Attorneys representing the company argued that the bonuses would help executives focus on increasing sales during the past holiday season.

A $20 million financial assistance fund was created to help thousands of former Toys R Us employees who were laid off as part of the company's bankruptcy.

Ollie's Bargain Outlets brought a dozen former Toys R Us sites and is leasing another six, CNN reported in January.

See Related:

• Toys R Us Files Chapter 11 Bankruptcy, Outlines Strategy
• Everything Must Go: NJ Toys R Us, Babies R Us Closing Sale On Now

Email: daniel.hubbard@patch.com