Piscataway-based One Centennial Plaza has traded for $11 million in a sale led by Jacklene Chesler of Colliers International Group Inc., who represented seller JPMCC 2005-LDP2 Piscataway Office, LLC. The buyer, a private equity group based in Atlanta, was also sourced by Chesler’s team.
The two, three-story Class A office buildings, totaling 245,106 square-feet, share a 4,000-square-foot atrium and are 72 percent occupied, consisting of three credit tenants: Johnson & Johnson, a now twice-renewed tenant; Paychex, who recently signed a 30,000-square-foot lease; and Ingersoll Rand. The complex is a class A office building located in Piscataway and features a three-story glass enclosed atrium, full-service cafeteria, outdoor picnic area and a newly renovated conference room.
“Middlesex County is the second most populous county in the State of New Jersey, and grew 12% between 2000 and 2015,” noted Chesler, the senior managing director and head of Colliers’ New Jersey investment sales practice. “This above-average growth is a testament to the county’s staying power. Middlesex County has a deep and highly skilled labor pool that has attracted major corporate users.”
The other Colliers International marketing team members for this sale included Richard J. Madison, Jonathan Schlussel and Jack Callahan.
One Centennial Plaza is located just off Route 287 South. A total of eleven extended-stay or short-term hotels ranging from luxury to business accommodations sit within less than two miles. Just three miles from One Centennial Ave is Bridgewater’s Commuter Rail. With the ease and convenience of readily available lodging, public transportation, and numerous restaurant options located minutes from the property’s location, this Middlesex office has everything needed to support tenants in need of premier suite space.