Oticon Takes 163,000 SF Office Asset for its US HQ

SOMERSET, NJ-Jeffrey Dunne, Kevin Welsh and Brian Schulz of CB Richard Ellis’ New York Institutional Group represented the unnamed seller in the disposition of 580 Howard Ave. here, while Geoffrey Schubert and Sean Morley, also from CBRE, represented the buyer, Oticon Inc. in the acquisition of the property, which will serve as a consolidation of two local facilities to create its new US headquarters.

The asset is a 162,756-square-foot office building situated on around nine acres. It has been occupied by a number of high-profile companies, such as Avaya and AT&T. Welsh tells GlobeSt.com, “The property presented an excellent opportunity for Oticon to purchase an asset that would enable the company to consolidate its operations and administrative office within one building creating operational efficiencies and a new corporate environment.”