BASKING RIDGE, NJ - With its purchase of 106 Allen Road in Basking Ridge last week, The Silverman Group has assembled a three-building, 525,000-square-foot campus to be known as The Offices at Liberty Corner.Cushman & Wakefield, which already had been serving as exclusive agent for Silverman's 150 and 110 Allen Road, has been retained for the entire campus.
Located at Exit 33 of I-78, the Class A assets were developed in a cluster, creating a prime opportunity for shared services and amenities, according to Cushman & Wakefield's Bill Brown, who is heading the assignment with Ben Brenner of the commercial real estate services firm's Morristown. Like each of the buildings, the 133,000-square-foot, 106 Allen Road will offer a new coffee/food kiosk, renovated common areas and many more building improvements. The 190,000-square-foot 150 Allen Road also has a fitness center and conference space; at the 202,000-square-foot 110 Allen Road a second fitness center is planned as well as café upgrades. The campus will feature new park signage throughout.
"Tenants will have access to the amenities in all three buildings, and The Silverman Group will continue to invest in services and upgrades throughout the property," Brown noted. "Additionally, the campus is located in a great, upscale neighborhood, with retail, dining andnearby."
The Silverman Group initially purchased 150 Allen Road in 2010 and has since brought that building to full occupancy. Similarly, the company has driven vacancies down to just 11,000 square feet at 110 Allen Road, which it purchased in 2011. Cushman & Wakefield is61,000 square feet of vacant space at 106 with various units ranging from 2,000 square feet up to a full floor of 40,000 square feet available immediately.
"Strategically we saw the acquisition of 106 Allen as a way to incorporate an office campus feel with shared amenities amongst all three buildings. The Offices at Liberty Corner will provide a great work environment as well as an identity on the I-78 Office Corridor," say's Blake Silverman, president. Current tenants at The Offices at Liberty Corner include Ace Insurance, Oracle, Matheson Tri-Gas, Regeneron Pharmaceuticals, Ipsen Biopharmaceuticals, Cornerstone Relocation Group, Wells Fargo, Mylan Specialty L.P. and Fireman's Fund.
"The Silverman Group recognized a terrific opportunity to continue its impressive track record at 106 Allen Road," Brown said. "The Offices at Liberty Corner and it's resulting full amenities package in a great suburban work setting - provide us with a new advantage as we work to fill that building."