MORRIS TOWNSHIP, NJ—Chinahas acquired 445 South Street in Morris Township, a 320,274-sq.-ft. class-A office building, for $71 million. Cushman & Wakefield’s Andrew Merin, Gary Gabriel, David Bernhaut and Brian Whitmer represented the seller in the transaction, while China Construction was represented by Geoff Schubert and Dorothy Chuang of CBRE.
“This transaction is notable for several reasons,” said Merin. “First, it marks the largest single office building sale inso far this year. Second, it illustrates that well located, well-tenanted, class-A office buildings still attract a lot of attention in an office market that has continued to struggle. Finally, it marks China Construction’s initial acquisition in the New Jersey market.”
Constructed in 1982 and situated on 32 acres within Southgate Corporate Park, 445 South Street is a four-story property that was renovated in 2007-2008. Amenities include a full-service cafeteria, basketball court, two common area conference rooms and a fitness center. Marsh has built out its space to LEED Silver standards.