Central New Jersey’s Metropark office submarket remains one of the state’s strongest from a tenancy and investment standpoint, and that was borne out by the sale of the 196,128-square-foot 333 Thornall Street in Edison. The Cushman & Wakefield Metropolitan Area Capital Markets Group (CMG) team of Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, and Frank DiTommaso in the firm’s East Rutherford office, and Paul Giannone and Kevin Carton in Edison represented the seller. The buyer was Mack-Cali Realty Corporation.
“This is a core investment in a particularly strong market,” said Bernhaut, noting that his team has sold the asset twice prior. “The seller did a very good job with the property during its ownership, making considerable investments in the entrance lobby, cafeteria, and common areas.”
Known as Metroview, the 10-story class A property is situated on 11.5 acres within walking distance of the Metropark transit hub. It also has easy access to the Garden State Parkway, New Jersey Turnpike, I-287 and other major highways. Constructed in 1984 and renovated between 2011-2015, the property is LEED® Silver certified, offers 574-car covered parking, conferencing, and other services.
Metroview features 21,000-square-foot floorplates, and was 96 percent occupied at the time of sale. Major tenants include AXA Equitable, ICAP Securities, Cohn Reznick, Lincoln National, Merrill Lynch and United Healthcare. The building is also situated adjacent to the Mack-Cali-owned 343 Thornall Street, and the company has announced plans to construct interconnected amenities.
“The Metropark area office market is doing very well, with strong interest from investors – it’s one of a handful of markets in New Jersey that investors get really jazzed up about,” Gabriel confirmed. “And from a tenancy perspective, the market’s occupancy rates are the envy of the state.”Related Articles: