Piedmont Trust Sells NJ Office Buildings for $101 Million

Alex Chazkel, left, and David Zimmel, of Zimmel Associates, brokered the two deals for Piedmont Office Realty Trust

LYNDHURST AND PARSIPPANY, NJ—Piedmont Office Realty Trust sold two class A office buildings in Northern New Jersey to an undisclosed buyer for $101 million. Zimmel Associates , an Edison, NJ-based corporate real estate services firm, brokered the transactions for Piedmont . David Zimmel , president, and Alex Chazkel , a vice president at the firm, handled the transactions. “We are very pleased to begin 2016 with the closing of these sales,” says Zimmel .  “Both of these deals were off market and demonstrate the in-depth market knowledge and dedication Zimmel Associates provides and why we attract solid commercial real estate investors.  We are proud of Alex Chazkel , who spoke with a new client who needed to do a substantial 1031 exchange. There were not a lot of investment opportunities on the market that met the client’s criteria in dollar amount, property type and location. Alex did substantial research to put these deals together and found the right properties. A lot of hard work was involved and the results were highly successful for all parties.” In the first transaction, Nine Polito Avenue , a 268,000 square-foot, class-A office building in Lyndhurst, NJ, sold for $50 million.   The 10-story building, located at the intersection of Routes 3 and 17 near the New Jersey Turnpike, is known as Copper Ridge Center and has Polo Ralph Lauren Corporation as a lead tenant. In the second transaction, Two Gate Hall Drive , a 404,500 square-foot office building located just off of Route 10 in Parsippany, NJ, sold for $51 million.  Gemini Technology Services , a subsidiary of Deutsche Bank AG , is the lead tenant.