The latest sale involves the multi-story, 175,000-sf building on 11 acres at 375 W. Mount Pleasant Ave. The transaction was arranged by Andrew B. Zezas, president and CEO of the Kenilworth-based Real Estate Strategies Corp., who oversaw the three-stage disposition. The buyer was not identified, but described only as, "a prominent and well-respected New Jersey developer." The sale price was not released, and the property was listed without an offering price, but industry sources say it likely traded for a number in the $25-million range.
"The sale of 375 W. Mount Pleasant represents a conclusion to Organon's three-part project in which we've been engaged for more than four years," says Zezas, who has represented the company for a dozen years dating back to a stint with another firm. Zezas founded Real Estate Strategies five years ago.
"The sale of this last parcel required a unified effort by many partners, including Organon, the buyer and others," Zezas says. This latest sale follows that of a three-story, 50,000-sf office building within the campus in April. A private investor group called 347 Mt. Pleasant LLC bought the asset with the help of a $6.5-jmillion loan provided by conduit lender Dillon Read Capital Management.
Previously, Organon had disposed of a cluster of three smaller buildings totaling 60,000 sf on five acres to a private investor group headed by Prism Capital Partners. That first phase of the disposition process was completed in late 2005.
The whole process began in mid-2001 when Organon USA bought the 440,000-sf office building at 56 Livingston Ave. in Roseland from the Prudential Insurance Co. for an estimated $44 million. Originally, the acquired building was said to have been an expansion by Organon beyond its West Orange headquarters. But in late 2001, the company announced it would relocate its headquarters to the acquired property, setting off the three-stage disposition process.
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