Cushman & Wakefield announced Sept. 30 that the real estate services firm has arranged the sale of 201 Littleton Road, an 89,100-square-foot office building in Morris Plains.
The property was sold by Chopp Holdings to SiriVarsha, a sister company of healthcare management technology company Agadia Systems Inc., for $10.25 million. Agadia plans to move its world headquarters to this property from Parsippany.
Cushman & Wakefield’s David Bernhaut, Frank DiTommaso, Andrew Schwartz, Jordan Sobel, Andre Balthazard, Dan Bottiglieri, and Bill Baunach represented the seller and procured the buyer in the transaction. Additionally, a Cushman & Wakefield equity, debt and structured finance team of Brian Anderson and Eddie Miro arranged the financing on behalf of the buyer.
“201 Littleton Road presented a unique opportunity to acquire a well-occupied office asset with significant in-place cash flow and value-add potential,” said Sobel. “The property’s recent leasing momentum, which includes five new deals totaling over 22,000 square feet, demonstrates the sustained demand for high-quality, well-located office space in the New Jersey market.”
“The team at Chopp Holdings has done an excellent job throughout the course of their ownership, and we are pleased to have had the opportunity to represent them while securing a long-term buyer for the property,” added DiTommaso.
The property occupies 16.5 acres and offers a park-like setting with lake views and outdoor terraces. The three-story building features a recently refreshed lobby and common areas, with an average suite size of about 4,700 square feet that caters to market demand.
The property has access to interstates 287 and 80, and Route 10.
