Cushman & Wakefield announced Wednesday it has arranged a three-building office park sale in Basking Ridge.
Signature Acquisitions purchased 106, 110 and 150 Allen Road from The Silverman Group for an undisclosed price.
The sale was led by the firm’s East Rutherford-based investment sales team, including Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer and Frank DiTommaso II.
The Class A office park, which is comprised of 524,260 square feet, is located immediately off of Interstate 78 and Exit 33.
“The Portfolio features a diverse, credit-laden rent roll with over 40 tenants offering numerous synergies from shared amenities and multiple price points for occupiers,” Gabriel said. “Prior ownership capitalized on the flexibility of the park, and its amenities, and was able to consolidate and expand a number of tenants.”
Cushman & Wakefield’s Bill Brown, Ben Brenner and MariaGrace Iantosca assisted with the sale and will continue to serve as leasing agents on behalf of Signature Acquisitions.
“The I-78 corridor, particularly at Exit 33, remains of interest to globally recognized companies seeking quality office space near amenities and conveniences. This is evidenced by the Park’s occupancy, which increased from 93 percent to near-full during the short time the Park was marketed for sale,” DiTommaso said.