April 18, 2013
Cushman & Wakefield
Arranges Sale of 445 South Street, Morris Township
estate services firm Cushman &
Wakefield, Inc. completes the $71-million sale of a
320,274-square-foot, class A office
building at 445 South Street in
Morris Twp. The sale price factors
out to more than $221 per square
The seller was
represented in the transaction by
Andrew Merin, Gary Gabriel, David
Bernhaut and Brian Whitmer of
Cushman & Wakefield’s Metropolitan
Area Capital Markets Group (CMG).
Buyer China Construction was
represented by Geoff Schubert and
Dorothy Chuang of CBRE.
is notable for several reasons,”
said Merin. “First, it marks the
largest single office building sale
in New Jersey so 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.”
include The Travelers Indemnity Co.
(105,698 square feet) and Marsh USA
(54,376 square feet).
Situated on 32
acres within Southgate Corporate
Park, the four-story asset was
constructed in 1982 and renovated in
2007-2008, a $25 million project
that fully repositioned the
building. It consists of three,
four-story wings connected by a
two-story atrium lobby. Amenities
include a full-service cafeteria, a
full-size basketball court, two
common area conference rooms, and a
fitness center. The site provides
1,394 parking spaces including 55
covered executive parking spaces.
Marsh has built out its space to
LEED Silver standards.
The property is
located just off I-287, in close
proximity to Routes 10 and 24, I-78
and I-80. Situated near downtown
Morristown, it offers convenient
access to NJ Transit’s Morristown
and Convent train stations.
“This is a
best-in-class property, an offering
that attracted a great deal of
interest,” said Merin. “We are
pleased to have completed this