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Zirinsky Buys 139,000-SF Office

MORRIS TWP., NJ-The New York City-based firm, which has a major presence in the Princeton market, now owns 465 South St. here.

By Eric Peterson | Updated on March 04, 2008

MORRIS TWP., NJ-Zirinsky Associates, based in New York City, has long had a major presence in the Princeton market with its College Park holdings. The company is expanding its reach in the Morris County market, now picking up its third asset here with the acquisition of the 139,000-sf class A office building at 465 South St., just outside of Morristown. The actual buyer was Southgate Center Four Associates LLC, an entity controlled by the Zirinsky family.

Multiple rounds of bidding yielded the sale, in which the Hartford-based Cornerstone Real Estate Advisors moved the property on behalf of an unnamed client. The deal was brokered by Cushman & Wakefield’s Metropolitan Area Capital Markets Group’s Andrew Merin, Jose Cruz, David Bernhaut and Gary Gabriel.

The acquisition offers up a value-add for the new owner. While seven tenants are still in the building, 36% of its space, or about 50,000 sf, is currently vacant. That vacancy is the result of the gradual pull-out of a major tenant, shipping giant Maersk.

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