PARSIPPANY, NJ-Ten Waterview Blvd., an award-winning 208,601-sf class A office building here has a new owner. In a deal that was orchestrated by Cushman & Wakefield, McMorgan & Co., the San Francisco-based investment management services firm, has acquired the building and its 18.6-acre site on behalf of one of its real estate investment funds.
The seller was TIAA-CREF. The sale price was not released, but sources say the asset likely traded for a number in the $40 million range. The deal follows by a year the completion of a major makeover of the asset, a project completed in 2006 that resulted in 10 Waterview Blvd. picking up BOMA New Jersey's The Office Building of the Year Award. And the building's new owner has turned the management and leasing assignment over to Lincoln Equities Group's Linque Management Co. Inc., which has its Garden State office in Rutherford.
“This is a premier office address,” says Lincoln Equities Group EVP Joel Bergstein. “We're confident that this property, which is currently 58% occupied, offers tenants an outstanding leasing opportunity.”
Presently, the three-story 10 Waterview's tenants include US Express Leasing, an independent leasing company; a regional office of the US Food and Drug Administration; PharmaVoiceMarketplace.com; and Bases, a division of the Nielsen Co. Available spaces in the building range from approximately 2,500 sf up to more than 45,000 sf, adding up to a total of about 87,000 sf. That space is currently listed with an asking price of $27 per sf plus tenant electric.
“The building's layout can be configured to meet the needs of tenants requiring small and/or large space,” Bergstein says. The 10 Waterview Blvd. acquisition is McMorgan's second major pick-up in New Jersey in 2007. Earlier this year, the investment firm bought the Offices at Bedminster, a two-building, 196,000-sf property in Somerset County, from Bedminster LLC for a number in the $40-million range.
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