PARSIPPANY, NJ-CB Richard Ellis Realty Trust has purchased 100 Kimball Dr., located in the Morris County Office Park here, for $60.25 million, according to reports. It is the Trust’s third acquisition in New Jersey.
The 175,000-square-foot, five-story building was built in 2007 and is fully leased to Deloitte LLP through July 2020. “100 Kimball is well-located in an excellent demographic submarket that attracts high-quality tenants,” says Philip L. Kianka, COO and executive vice president of CBRE Realty Trust. “With a long-term lease and an excellent credit tenant, this is a very attractive investment to complement our portfolio.”
In other CBRE news, the firm brokered the sale of a 410,000-square-foot office complex, located at 111 Sylvan Ave. in Englewood Cliffs, NJ, for $55 million to LG Electronics.
The complex consists of five interconnected buildings on 27 acres near the Palisades Parkway. A collaboration of CBRE’s New York Institutional Group and its Saddle River, NJ office represented seller Piedmont Office Realty Trust. CBRE’s New York City and East Brunswick, NJ office represented LG Electronics, which purchased the site as a possible US headquarters expansion.
“LG Electronics has not finalized its possible plans for the property, but the company recognized the opportunity to acquire this prime site--located in a submarket known as one of New Jersey’s premier corporate headquarters locations--that benefits from its exceptional access to major highways as well as executive level housing and a diverse labor pool,” says Jeffrey Dunne, vice chairman of the New York Institutional Group.
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