CBRE announced Monday its Debt & Structured Finance team has arranged a $53.6 million loan for a Class A office property in Morristown.
Morgan Stanley provided the 10-year, interest-only loan to Strategic Real Estate LLC to finance an all-cash acquisition of the office complex, CBRE said.
James Gunning, Donna Falzarano and Kyle Saviano of CBRE secured the financing and arranged the loan on behalf of the building sponsor.
“We were retained on an exclusive basis to source competitive financing options on behalf of our client, Strategic Real Estate,” Falzarano, vice president, said. “Given the quality of the asset, its credit-rated tenant roster and strength of the sponsorship, several large capital providers competed heavily. Morgan Stanley offered the most competitive terms available with minimal required structure at very attractive pricing.”
The property, located at 445 South St., is a 320,274-square-foot building that is home to tenants including Travelers Insurance, Covanta Energy Corp., Marsh USA and Arch Reinsurance Co.
It also has amenities including a two-story atrium lobby, an outdoor basketball court, a cafeteria, training center, two conference rooms, a fitness center and parking.