Pitcairn/SEB Acquires New Providence, N.J., Office Property
12 Oct, 2006, New Providence
Cushman & Wakefield Cites I-78 Location, Tenant Base as Key Investor Draws
Pitcairn Properties has added 41 Spring Street in New Providence to its New Jersey portfolio in an acquisition coordinated by Cushman & Wakefield’s Metropolitan Area Capital Markets Group. JP Morgan Investment Management was the seller.
Also known as Murray Hill Technology Center, 41 Spring Street is a 170,000-square-foot, single-story office building located on 15 acres. The property is fully leased to three globally recognized, NYSE-listed tenants. Baxter Pharmaceutical occupies 85,000 square feet including offices and a state-of-the art R&D laboratory there. Unisys Corporation and Accenture are committed to the balance of the space.
“41 Spring Street has a strong history of tenant satisfaction and retention,” said David Bernhaut, who orchestrated the sale with Metropolitan Area Capital Markets Group team members Andrew Merin, Gary Gabriel and Jose Cruz. “It is located in one of the most prestigious corporate markets in northern New Jersey and benefits from the region’s historically strong economic growth, excellent transportation infrastructure and extensive labor pool. These attributes drew significant interest from the investment community. Pitcairn Properties has added an outstanding asset to its regional holdings.”
With more than $1 billion in assets, Pitcairn Properties, based in Jenkintown, Pa, is a full-service leading real estate developer, owner and manager with more than 4.7 million square feet of Class A office and several hundred units of residential development throughout the East Coast.
The property features an efficient design and flexible floor plan, an on-site cafeteria and a 3.95:1 parking ratio. Located just two miles from Exit 43 of I-78, it is located in the heart of a dynamic corporate and pharmaceutical corridor. Neighbors include Lucent Technologies, R.R. Bauker, C.R. Bard, and Panasonic. 41 Spring Street is surrounded by luxury townhouses, quaint boutiques and restaurants in the upscale Murray Hill section of New Providence. It is within walking distance of the Murray Hill Train Station.
The Metropolitan Area Capital Markets Group, based in Cushman & Wakefield’s East Rutherford office, specializes exclusively in real estate sales, joint ventures and financing in northern New Jersey; Fairfield County, Conn.; and Long Island and Westchester County, N.Y. The team has completed more than $11 billion worth of transactions during the past decade. For the past three years, this included more than $1.5 billion in transactions annually, reaching $2.5 billion in 2005.
Cushman & Wakefield is the world’s largest privately held real estate services firm. Founded in 1917, the firm has 189 offices in 57 countries around the globe, and 11,000 talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133.
Media Contact: Evelyn Weiss Francisco