A Class A office building in Piscataway has been sold for $11.5 million, according to real estate firm Colliers International Group Inc.
Washington Plaza, at 1551 S. Washington Ave., is a nearly 200,000-square-foot, four-story, multitenant property. It was less than 50% occupied by eight tenants at the time of the sale, Colliers noted in a news release.
Colliers represented both the buyer and seller in the deal; neither was disclosed. The team from the New Jersey office included Jacklene Chesler, Matthew Brown and Frank Summers of the Capital Markets Team, plus Michael Tesser and Ryan Haggerty of the Leasing Team.
“This was a true value-add investment opportunity,” Chesler, an executive managing director, said. “The current base of quality tenants possessed by the building, new ownership that is well-versed in the Piscataway office market, and the positive fundamentals we are seeing within this submarket offer the right mix of ingredients that will lead to a successful repositioning of this asset as one of the premier office buildings in the market.”