"It's a great destination location," Duenas says. "It's well-suited for tenants in the legal and FIRE sectors--it's within walking distance of the Morris County courthouse, and unlike many other buildings in the area, it is easily divisible for small and mid-size users."
For the moment, at least, the building has limited space available, specifically, about 9,000 sf. The roster of current tenants includes the brokerage firm A.G. Edwards; Panalpina Inc., a global logistics company; and pharma giant Novartis. Built in 1973, it was originally occupied by AT&T.
As reported exclusively by GlobeSt.com, the building was acquired from Realty Associates Fund IV in a deal arranged by C&W's Metropolitan Area Capital Markets Group. The sale price was not disclosed, but industry sources say it likely traded for a number in excess of $200 per sf, or a price tag in the $35-million range. It overlooks "the Green," an acre of town-owned park in the CBD, and has on-site decked parking and mass transit access.
"Because further development or redevelopment is limited by historic structures, dense residential uses, parks and public spaces, the offering was a unique opportunity to acquire a niche asset on a competition-constrained location," says C&W's Gary Gabriel, who helped orchestrate the sale. "We received more than 145 bids and conducted multiple rounds of bidding."
The property will also be getting some improvements, which have yet to be detailed by the new owner. "Rreef is committed to enhancing the property," Duenas confirms.
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