“This is a well-located, quality office property with significant upside potential via lease-up of its available space,” says Jacklene Chesler of the Colliers investment team. “The price provides the new buyer with an attractive opportunity to leverage its value-add position.”
The property's high intensity zoning allows for a variety of mixed uses and the existing structure offers a developer the chances to readapt office building to multifamily, hotel, retail, or a mix thereof.
"We recognize the strong growth trajectory of the Mercer County market and the unique prospects presented by this property," says Stephen Cassidy, president of Denholtz Associates.
Dranoff is turning his focus to his luxury condominium and rental developments, including the nearly completed rental property One Theater Square, adjacent to the New Jersey Performing Arts Center in Newark, NJ.
Over the course of his career, Williams directed and coordinated the development, construction, and management of more than $15 billion in real estate developments.
“Regardless of where multifamily assets are located, as long as they are near – and transit accessible to – employment centers, they are competitively bid upon,” says Gebroe-Hammer's Ken Uranowitz.