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MassMutual ID'd as Seller of 139,000-SF Office

MORRIS TWP., NJ-The final sale price for 465 South St. has also been made public, coming in at $21.5 million, according to the building's new owners.

By Eric Peterson | Updated on March 12, 2008

MORRIS TWP., NJ-When the sale of the 139,000-sf office building at 465 South St. was reported last week, the seller’s brokers would only identify that entity as, “an unnamed client” represented by the Hartford-based Cornerstone Real Estate Advisors. Now, that seller has been identified as MassMutual.

And the sale price was not released, although industry sources had it tagged in the $20-million range. The final price has now been placed at $155 per sf, which factors out to approximately $21.5 million. All of the new information comes directly from the building’s new owners, the New York City-based Lawrence Zirinsky Associates, which acquired it through its Southgate Center Four Associates LLC affiliate.

“This is a very appropriate addition to our New Jersey holdings,” says company president John Zirinsky. “The building is located in a strategic business area and offers contemporary office space. Our firm and our management arm, National Business Parks, will continue to operate this property with the highest standards.”

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