EDISON, NJ—Mack-Cali Realty Corporation has acquired 333 Thornall Street in Edison, NJ, and will connect the building with one that it already owns next door at 343 Thornall Street.
The purchase price was approximately $53.1 million.
Known as Metroview, the property is a class A office building in Metropark, a major transit hub. Metroview is approximately 96 percent leased and includes 196,000 square feet of office space.
"Metroview is a great complement to our existing 195,700-square-foot asset next door and is another in a series of moves designed to refocus our holdings toward transit-based office assets," says Mack-Cali president Michael DeMarco. "This market is known for its strong rental demands and high occupancies, owing in part to its location just down the road from the nearby transit hub, making it an ideal example of what we are striving to accomplish with our new strategy."
The company plans to integrate its existing building with the new acquisition through the construction of an interconnected, landscaped walkway providing access to the shared amenities, as well as terraced, outdoor seating and various exercise components creating an approximately 400,000-square-foot campus.
"While the buildings are already attractive because of their outstanding location, we plan to add to the existing amenities to make it an even more appealing option for central New Jersey businesses," says Ricardo Cardoso, executive vice president and chief investment officer. "The addition of a new fitness center, conference rooms, Wi-Fi, and multiple dining options will transform the space into an outstanding class A office campus."
333 Thornall Street is a LEED(R) Silver certified building with easy access to routes 287, 1, and 27, as well as the New Jersey Turnpike and Garden State Parkway. The nearby transit hub offers both NJ TRANSIT and Amtrak service and is within walking distance of the complex. Major hotels, dining, and retail are also located in close proximity.
Cushman & Wakefield's Metropolitan Area Capital Markets Group, headed by Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Kyle Schmidt, represented the seller and procured the buyer in the sale.
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Correction, 11/17/2015: An earlier version of this story did not include the Cushman & Wakefield team's names. The team list has been added to the story.
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