East Rutherford-based Cushman & Wakefield announced Monday it has arranged the sale of a three-story office building in Morris Plains.
The 88,901-square-foot property, located at 201 Littleton Road on a nearly 17-acre site, was purchased by Chopp Holdings, a local investor, from Mack-Cali Realty Corp.
Cushman & Wakefield’s Investment Sales team of Andrew Merin, Andrew Schwartz and Kubby Tischler represented the seller and procured the buyer
“This represented an opportunity to reposition — as a best in class, small-to-mid-size tenant building — and re-tenant nearly 50,000 square feet in a park-like setting on more than 16 acres,” Schwartz said. “It generated significant interest from private local investors who understand the market. The property’s Morris Plains location will allow Chopp Holdings to draw boutique tenants looking to locate themselves in proximity to the nearby Fortune 500 and other major national and international companies, including MetLife, BASF, Realogy, Bayer, Zoetis, Medicines Company, Honeywell, GAF and Summit Medical Group to name a few.”
The property features ample parking, a newly-renovated common area and was 44 percent leased at the time of close. It is within close access to routes 202 and 10.
“The asset will benefit from the strong surrounding demographics and retail options including the Hilton, Marriott, Ruth Chris Steakhouse and the recently constructed Wegman’s Supermarket,” Tischler said. “201 Littleton Road’s fundamentals include abundant windowed offices with lake views and an excellent parking ratio. The property’s flexible floor plates offer options for a wide range of tenants, while a travertine marble façade and exterior terraces with pond views add to the overall attractiveness of the asset.”