SUMMIT, N.J. - The commercial real estate services firm’s New Jersey capital markets group orchestrated the trade of a fully leased, 42,000-square-foot office building located at 180 River Road.
“The Silverman Group has done an excellent job in bringing this property to full-occupancy over the course of its ownership period and continues to spin off certain assets as it expands its national portfolio of industrial, residential and office properties. This repeat joint venture partnership of Saxum and Becker maintains a focus on transit-oriented investments in select markets, and 180 River Road is well-aligned with that investment strategy,” noted Cushman & Wakefield’s Gary Gabriel, who represented the seller and procured the buyer with team members Frank DiTommaso, David Bernhaut, Andy Merin and Brian Whitmer. According to DiTommaso, “Both Saxum and The Becker Organization saw the value in this opportunity and stepped up quickly to take the property off the market. Saxum has been particularly active in Summit and is also headquartered downtown.”
Home to three long-time tenants, 180 River Road sits with excellent visibility on two acres along River Road, immediately off Route 24 and JFK Parkway. It is less than five minutes from downtown Summit, an affluent, walkable village lined with shops and dining, and offering 35-minute direct rail service to New York Penn Station. The property is located less than one mile from the Mall at Short Hills, the Hilton Short Hills and Equinox Fitness, providing a wealth of built-in local amenities.
According to DiTommaso, 180 River Road is unique in its size, as just one of five stand-alone office buildings in Summit greater than 40,000 square feet. “Summit is one of New Jersey’s most fundamentally sound and highest barrier-to-entry submarkets, with limited opportunities to service tenants greater than 10,000 square feet,” he said. “Competitive properties maintain a 95% average occupancy rate and achieve some of the highest rental rates in suburban New Jersey.”
The two-story building was constructed in 2001 and features two levels of on-site covered parking. Its precast concrete and reflective glass exterior, combined with LED up-lighting, provides an attractive headquarters-quality feel. Tenants enjoy outstanding access, along with superior visibility and signage opportunities.
Based in East Rutherford, Cushman & Wakefield’s New Jersey capital markets team specializes exclusively in office, industrial, multifamily, land and retail property trades throughout New Jersey, New York and Fairfield County, Conn. The group has completed $32 billion worth of transactions since 2000, closing over $3.3 billion in sales in 2018.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.