LVMH unit’s Springfield office site sells for $13.3M

CBRE announced Monday it has arranged the $13.3 million sale of a Class A office building in Springfield.

The 60,000-square-foot property is located at 966 South Springfield Ave. It currently serves as the national headquarters for the watch and jewelry divisions of LVMH Moet Hennessy Louis Vuitton SE, a French multinational luxury goods conglomerate based in Paris.

CBRE’s Tri-State Investment Properties Team of Charles Berger and Elli Klapper, first vice presidents; and Mark Silverman, associate; represented the seller, a tenancy-in-common, and procured the buyer, a private investor using a 1031 Exchange.

“We were able to generate tremendous interests from local, national and even international buyers before setting on a 1031 Exchange buyer,” Berger said. “We are thrilled to have been able to secure such aggressive pricing for our client, both from a cap rate and price per-square-foot perspective, while at the same time providing an opportunity for the buyer to diversify their portfolio on a trophy asset with an in-place, long term investment grade tenant in a prime location in one of the most affluent neighborhoods in New Jersey.”