Key Deal: Cushman & Wakefield Arranges $71 Million Sale of 445 South Street, Morris Township, NJ
Media Contact: Evelyn Weiss Francisco (201) 796-7788
Off to a fast start in 2013, Cushman & Wakefield, Inc. has completed the $71 million sale of a 320,274-square-foot, class A office building at 445 South Street in Morris Twp. The sale price factors out to more than $221 per square foot.
The seller was represented in the transaction by Andrew Merin, Gary Gabriel, David Bernhaut and Brian Whitmer of Cushman & Wakefield's Metropolitan Area Capital Markets Group (CMG). Buyer China Construction was represented by Geoff Schubert and Dorothy Chuang of CBRE.
"This transaction is notable for several reasons," said Merin. "First, it marks the largest single office building sale in New Jersey so far this year. Second, it illustrates that well-located, well-tenanted, class A office buildings still attract a lot of attention in an office market that has continued to struggle. Finally, it marks China Construction's initial acquisition in the New Jersey market."
Lead tenants include The Travelers Indemnity Co. (105,698 square feet) and Marsh USA (54,376 square feet).
Situated on 32 acres within Southgate Corporate Park, the four-story asset was constructed in 1982 and renovated in 2007-2008, a $25 million project that fully repositioned the building. It consists of three, four-story wings connected by a two-story atrium lobby. Amenities include a full-service cafeteria, a full-size basketball court, two common area conference rooms, and a fitness center. The site provides 1,394 parking spaces including 55 covered executive parking spaces. Marsh has built out its space to LEED Silver standards.
The property is located just off I-287, in close proximity to Routes 10 and 24, I-78 and I-80. Situated near downtown Morristown, it offers convenient access to NJ Transit's Morristown and Convent train stations.
"This is a best-in-class property, an offering that attracted a great deal of interest," said Merin. "We are pleased to have completed this transaction."
Cushman & Wakefield's Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Connecticut and Pennsylvania. The team has completed more than $17 billion worth of transactions since 2000.