Mountain Development Corp. and Square Mile Capital Acquire 56 Livingston Avenue in Roseland, N.J.
Partnership Retains Jones Lang LaSalle to Lease Vacant Headquarters-Quality 433,945-Square-Foot Office Building
Apartnership of Mountain Development Corp. and Square Mile Capital Management LLC has closed on the acquisition of “56 at Roseland”, a 433,945-square-foot headquarters-quality office building located at 56 Livingston Avenue in Roseland, N.J.
“I’ve been in this business now for more than 40 years,” said L. Robert Lieb, Chairman of Mountain Development Corp., “and this is, bar none, the finest property I’ve ever seen.”
Situated within a superb campus setting on 56 acres, the vacant four-story building has benefited from more than $50 million of recent investment in base-building infrastructure by the previous owner, Merck & Co., Inc.
The building, which features a secure, 15,000-square-foot on-site Tier II+ raised floor data center, a gym and fully furnished café, among other amenities, is one of the only existing facilities in the state that is large enough to potentially qualify for the Grow New Jersey Assistance Program. The new ownership intends to explore the benefits of this program fully with select prospective tenants.
“We and our partners at Square Mile Capital saw this as a special opportunity to acquire a top-quality building at a highly attractive basis to create a compelling value play in the market,” said William Martini, Director of Acquisitions for Mountain Development Corp. “This is a rare, high-caliber property that features incredible infrastructure and all of the amenities today’s users demand. Additionally, this building is uniquely positioned to accommodate the immediate needs of a wide variety of tenants, including those with large space requirements.”
Charles Ochman, a Senior Principal at Square Mile Capital, added, “Our firm’s appetite for unique and special investment opportunities is strong. We have an extremely capable operating partner in Mountain Development, with whom we already have a close relationship.”
The new ownership has retained Jones Lang LaSalle as the exclusive leasing agent for the building. Suburban Tristate Market Director Jonathan Meisel, Senior Vice President Craig Eisenhardt and Associate Peter Politi are handling the assignment and are working with Martini.
“Mountain Development, which has a strong track record of more than thirty years in the New Jersey office market, and Square Mile Capital, a highly regarded diversified real estate investment firm, form a well-capitalized partnership that can be flexible to the needs of tenants,” said Meisel. “Due to the move-in ready conditions afforded by this building, which is fully furnished and provides highly flexible space options, tenants will save significant capital on their relocation. When coupled with the potential for additional cost savings available through the Grow New Jersey Assistance Program, as well as the time that can be saved on moving into a building that is ready to receive tenants today, this facility represents a truly unique opportunity in the marketplace for tenants.”
In addition to the numerous cost-saving features afforded by the building, the presence of an on-site data center at the facility, complete with network operations, command center, full back-up generator, and separate primary and secondary power and cooling systems, provides another opportunity for tenants to save significant capital.
Premier amenities of the building include a café with capacity for more than 400 as well as outdoor seating, a modernized fitness center, outdoor volleyball and basketball courts and a walking/jogging path, grand two-story atrium, and several divisible conference/training rooms with seating for more than 100. The entire building comes fully fit-out with high quality Herman Miller workstations and furniture, as well as complete phone and data systems.
"One of the most contemporary, efficient and amenity-driven workspaces we've ever seen was originally created by Gensler, a world-class architecture firm. We now look forward to working with Gensler again, and the team at Jones Lang LaSalle, to make this incredible environment available to some of New Jersey’s new leading companies,” stated Michael Seeve, President of Mountain Development Corp.
Located immediately off of Exit 5B of I-280, the site affords convenient access to I-287, I-80, the Garden State Parkway, I-95 and Routes 10 and 46. There is commuter bus line access, as well.