Cushman & Wakefield on Monday announced it arranged the sale of a 216,573-square-foot office property located at 131 Morristown Road in Basking Ridge.
Cushman & Wakefield’s David Bernhaut, Gary Gabriel, Kyle Schmidt, Frank DiTommaso, Andy Schwartz, Jordan Sobel, Andre Balthazard and Bill Baunach represented the seller and procured the buyer, Adoni Property Group, in the transaction.
“This was a unique opportunity to acquire an expansive 34-acre site with exceptional access on and off (Interstate) 287 in one of northern New Jersey’s most affluent areas,” DiTommaso said.
“The property provides optionality for new ownership to implement a value-add leasing strategy while also pursuing alternative options for the site in the future,” Sobel added.
In addition to the sale, William O’Keefe and Charles Parmelli of Cushman & Wakefield will serve as exclusive leasing agents for the property.
“We’re excited to be working with new ownership to lease the remaining vacancies through the implementation of an amenity-based rebranding and repositioning strategy,” O’Keefe said.
131 Morristown Road consists of two interconnected office buildings linked via a skybridge walkway over a manicured central outdoor courtyard, with the south building containing an amenity package that includes a cafeteria and fitness center. The property benefits from visibility and frontage along Route 202.
The property is located six miles south of downtown Morristown and features immediate access to Interstate 287, allowing for a 15-minute drive to Morristown Municipal Airport and a 30-minute drive to Newark Liberty International Airport.