OLD BRIDGE, NJ—The Kislak Company, Inc. facilitated the acquisition of Parkway 120, a five story class “A” office building with more than 200,000 square feet located at 90 Old Matawan Road in Old Bridge, Middlesex County, NJ, by introducing the lead equity investor to the partnership that purchased the property.

Vice president Barry Waisbrod represented two members of the partnership, and each is a longtime Kislak client.

“The sale represented an opportunity for the partnership to acquire one of the premier office buildings in north central New Jersey,” says Waisbrod. “Despite lower occupancies in other parts of the state, there is strong demand for class 'A' office buildings that are well-located and well-performing. Parkway 120 is in an ideal location and is full of very strong credit tenants.”

Built in 2001, Parkway 120 is situated at Garden State Parkway exit 120 approximately 10 miles south of the intersection of Interstate 287 and the New Jersey Turnpike.

The sleek glass and modern office building features high-speed fiber optic access, two HVAC units totaling 700 tons with a state-of-the art digital energy management system, 4,000 amp electrical service, a card-access security system, four 3,500-pound traction elevators, underground parking, and an on-site café and convenience store.

The building is occupied by international tenants such as Tata Communications, Broadcom Corporation, Fragomen Del Ray, and iCIMS, which together comprise more than 80 percent of the leasable space.

At the time of closing, the property's occupancy was nearly 100 percent. Financing was provided by Cantor Fitzgerald.