MORRISTOWN, NJ—National Business Parks purchased 10 Madison Avenue, an 87,000-square-foot, class A asset, from Morristown Holdings, a New Jersey company managed by WhiteStar Advisors, for $20 million.
“This property and transaction provide an 'Exhibit A' illustration of Morristown's continued renaissance, and the resulting demand from investors and tenants that want to be part of walkable, transit-served live/work/play downtowns,” noted Cushman & Wakefield's Gary Gabriel, who orchestrated the transaction with Andrew Merin, David Bernhaut, Brian Whitmer and Andrew Schwartz.
The four-story boutique office building is located in downtown Morristown. The property is home to \
nine tenants, including Morgan Stanley, AXA Equitable, Northwestern Mutual and Valley National Bank. Built in 1980 and renovated in 2005, 10 Madison Avenue offers tenants highly functional space in a crossroads location at the confluence of I-287, Rt-202, Rt-24, Madison Avenue and Park Avenue.
“National Business Parks capitalized on the opportunity to invest in an asset that offers cash flow stability and a history of attracting financial services and wealth management firms – indicative of the area's affluence,” says Schwartz. “In short, 10 Madison Avenue is a proven destination in a market poised for continued strong success.”
MORRISTOWN, NJ—National Business Parks purchased 10 Madison Avenue, an 87,000-square-foot, class A asset, from Morristown Holdings, a New Jersey company managed by WhiteStar Advisors, for $20 million.
“This property and transaction provide an 'Exhibit A' illustration of Morristown's continued renaissance, and the resulting demand from investors and tenants that want to be part of walkable, transit-served live/work/play downtowns,” noted Cushman & Wakefield's Gary Gabriel, who orchestrated the transaction with Andrew Merin, David Bernhaut, Brian Whitmer and Andrew Schwartz.
The four-story boutique office building is located in downtown Morristown. The property is home to \
nine tenants, including
“National Business Parks capitalized on the opportunity to invest in an asset that offers cash flow stability and a history of attracting financial services and wealth management firms – indicative of the area's affluence,” says Schwartz. “In short, 10 Madison Avenue is a proven destination in a market poised for continued strong success.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
