The Metropolitan Area Capital Markets Group of Cushman & Wakefield’s East Rutherford office orchestrated the sale of Mack-Cali’s 440 Rt. 22 East, also known as One Grande Commons, to American Equity Partners.
“The purchaser recognized the opportunity to acquire a historically well-leased asset within an office market that has been particularly active as of recent, and plans to provide cosmetic and amenity improvements to further enhance its appeal,” said Gary Gabriel, who executed the sale with Cushman & Wakefield team members Andrew Merin, David Bernhaut, and Brian Whitmer, along with support from Andrew Schwartz and Frank DiTommaso. This is the third property the Cushman & Wakefield team closed with American Equity Partners this year.
In addition to frontage along Route 22, the building offers access to I-287, I-78, Routes 202 and 206, and is just two miles from the Bridgewater Commons Mall.
“Tenants at 440 Rt. 22 East have abundant retail, dining and hospitality options nearby, with more on the way” said DiTommaso. “Bridgewater has made great strides in drawing new mixed-used and residential projects, and as a result, the town continues to attract employers from all over the state, helping add to Bridgewater’s talented and diverse employment base.
The three-story building is home to pharmaceutical, engineering and law firms, among others. Featuring a full-height atrium lobby with seating area, 440 Rt. 22 East also offers an onsite café service, UPS and FedEx services. The nearly 15-acre grounds present a pond with a fountain, an outdoor patio and enjoyment area, and abundant surface parking, with access into the building via multiple entryways.
“Previous ownership has done an excellent job maintaining a history of high occupancy at the property, and 440 Rt. 22 East will certainly compliment American Equity Partners’ existing portfolio. We anticipate that the strength of the I-78 Corridor and Bridgewater markets will continue and that the property will remain competitively positioned,” Schwartz said, adding that the I-78 corridor has experienced nearly 6 million square feet of office leasing activity since 2012.
Based in East Rutherford, N.J., Cushman & Wakefield’s Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., Pennsylvania, and Delaware. The team has completed in excess of $25 billion worth of transactions since 2000, closing on $3.2 billion in 2016.Related Articles: