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CBRE Announces Sale of 45 Waterview in Parsippany for $40M

CBRE Group Inc. announced that Jeffrey Dunne, Kevin Welsh, Brian Schulz and Frank Maresca, of CBRE’s Institutional Properties team, represented One Liberty Properties in the sale of 45 Waterview Boulevard in Parsippany, New Jersey for $40 million. The team was also responsible for procuring the buyer, a fund invested in by an offshore entity and first time US buyer. The fund is managed by JM Capital LLC and was advised by Nadlan Advisors LLC.

45 Waterview is a 106,680-square-foot office building located in an institutional quality campus situated at the intersection of Interstates 80 and 287. The Property is 100 percent net leased on a long-term basis by Royal DSM (S&P: A), a global life science and material science company, for its North American Headquarters. The Property provides a distinct headquarters quality work environment complete with best-in-class finishes creating a powerful image and brand. These features were integral in DSM recently renewing its lease and investing substantial capital in the building.

Mr. Dunne commented: “45 Waterview demonstrates the substantial depth of capital for long-term, net leased assets in New Jersey. This depth of capital is further exemplified by our recent sale of 2 Giralda Farms in Madison, New Jersey for $53.3 million and 1467 Route 31 in Annandale, New Jersey for $18.1 million. While the buyers of 2 Giralda Farms and 1467 Route 31 South were domestic capital sources, 45 Waterview attracted offshore capital given its longer term 13-year lease.”

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