340 Mount Kemble Ave
Real Estate

439K-SF Morristown Class A Office Space Acquired

Cushman & Wakefield (C&W) has arranged the sale of 340 Mount Kemble Avenue, a Morristown office building that spans 439,059 square feet.

C&W’s David Bernhaut, Gary Gabriel, Andy Merin, Frank DiTommaso and Bill Baunach represented the sellers, Onyx Equities and PCCP, in the transaction. The property was acquired by First Mile Capital, an affiliate of Crown Acquisitions. The acquisition financing was arranged by Brad Domenico of C&W’s Equity, Debt & Structured Finance group on behalf of the buyer. The loan was provided by Societe Generale.

“340 Mount Kemble represents a monumental sale in today’s office environment and will likely remain as one of the largest suburban office transactions in the U.S. in recent times,” said Bernhaut. “Onyx and PCCP did an exceptional job repositioning this former corporate facility, essentially rebuilding it from the inside out.”

The building is a newly renovated Class A office building that boasts a 94.5% occupancy rate. The sellers’ $50 million renovation transformed the property into a premier multi-tenanted building, featuring a new glass façade, upgraded HVAC system and a complete makeover of the full-height atrium lobby, common areas and restrooms. The building features a full-service cafeteria, a modern coffee lounge/bar, a fitness center and a conference facility, among other amenities.

“Choosing the best lending partner who could execute on an office asset was key to this transaction and Societe Generale proved to be the correct choice,” said Domenico.

“The caliber of tenancy that 340 Mount Kemble has attracted is a testament to sponsorship. First Mile Capital will benefit from long-term, investment-grade cash flow while planting a flag in one of the region’s top-performing submarkets,” added DiTommaso.

Located in the heart of Morris County, 340 Mount Kemble Avenue benefits from its strategic position near downtown Morristown. The property offers access to major roadways such as Route 202 and I-287 and is just minutes from the Morristown Train Station.

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