MORRIS TOWNSHIP, NJ-China Construction America has named Jones Lang LaSalle as exclusive agent and manager for its recently acquired office building at 445 South Street here
The building in the Southgate office complex is a 320,000-square-foot space that was completely renovated five years ago. It is China Construction's first acquisition in New Jersey.
The JLL leasing team will be headed by Jonathan Meisel, JLL's managing director, and includes Susan Mason, Chris Conklin and Ruth Wang. Property management services will be led by Linda Aronson, with Beth Pereira and Lisa Lindsay serving as onsite managers. The teams will work closely with Phillip Gesue, vice-president of real estate for China Construction America.
“This is one of the few office buildings in New Jersey that has been completely renovated,” said Meisel. “Along with thoroughly upgrading the infrastructure at 445 South Street, the property was enhanced with amenities such as a café, a gym and conference centers.”
Besides the upgraded status of the building, he said, the “very desirable demographics” of Morris County make it a strategic corporate destination.
“445 South Street is a well-located, institutional-quality asset that is already substantially leased to major corporations,” said Gesue in a statement. He said that his company plans to use part of the building space for its New Jersey base, and maintain the rest as “an income-producing asset.”
The company will pursue residential development opportunities in the New York metropolitan area from its New Jersey headquarters, Gesue said.
The four-story 445 South Street was originally built in 1982. In the 2008 renovation, it gained a full-service cafeteria, a full-size basketball court, two common area conference rooms, a fitness center and nearly 1,400 parking spaces.
It is located between Blackberry Lane and Southgate Parkway in Morris Township, one block from I-287 and close to Routes 10 and 24, I-78 and I-80. It is also close to NJ Transit's Morristown and Convent train stations.
Chinese companies invested nearly $300 million in U.S. real estate in 2012 in 11 separate transactions that included two development sites. So far this year, Chinese companies have completed two transactions — the acquisition of a development site in San Francisco and the purchase of 445 South Street.
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