Zimmel Sells Two New Jersey Office Buildings for $100 Million Plus
Edison, NJ February 2, 2016--David Zimmel, president, Zimmel Associates, reports that the Edison, NJ corporate real estate services firm has handled the sale of two Class A office buildings located in Northern New Jersey to an undisclosed buyer for a total that exceeds $100 million. The seller of both buildings is Piedmont Office Realty Trust (NYSE:PDM).
In the first transaction, Nine Polito Avenue, a 268,000 square-foot, Class-A office building in Lyndhurst, New Jersey, sold for $50 million. The 10-story building, located at the intersection of Routes 3 and 17 near the New Jersey Turnpike, is known as Copper Ridge Center and has Polo Ralph Lauren Corporation as a lead tenant.
In the second transaction, Two Gate Hall Drive, a 404,500 sq. ft. Class-A office building located just off of Rt. 10 in Parsippany, New Jersey, sold for $51 million. Gemini Technology Services, Inc., a subsidiary of Deutsche Bank AG, is the lead tenant.
“We are very pleased to begin 2016 with the closing of these sales,” says Zimmel. Both of these deals were off market and demonstrate the in-depth market knowledge and dedication Zimmel Associates provides and why we attract solid commercial real estate investors.
“We are proud of Alex Chazkel, a vice president at our firm, who spoke with a new client who needed to do a substantial 1031 exchange. There were not a lot of investment opportunities on the market that met the client’s criteria in dollar amount, property type and location. Alex did substantial research to put these deals together and found the right properties. A lot of hard work was involved and the results were highly successful for all parties.”
About Zimmel Associates: Zimmel Associates is an Edison, NJ-based commercial real estate services firm that provides fully integrated brokerage, consulting, investment and property management services for local, regional and national clients. Established in 1986, Zimmel Associates represents more than five million sq. ft. of exclusive office, industrial and flex space throughout New Jersey. For more information, visit http://www.zimmel.com.
Lisa Tolson: 908-397-2286