131 Morristown Road in Basking Ridge — Courtesy: Cushman & Wakefield
By Joshua Burd
Adoni Property Group has acquired a nearly 217,000-square-foot office complex in Somerset County, with plans to add amenities to help lure new tenants to the property.
According to Cushman & Wakefield, which brokered the sale, the real estate firm paid an undisclosed price in the transaction at 131 Morristown Road in the Basking Ridge section of Bernards. They noted that the 216,573-square-foot property consists of two interconnected office buildings linked via a skybridge over a manicured central outdoor courtyard, with the south building containing amenities such as a cafeteria and fitness center.
The property benefits from visibility and frontage along Route 202, plus a location six miles from downtown Morristown.
“This was a unique opportunity to acquire an expansive 34-acre site with exceptional access on and off (Interstate 287) in one of northern New Jersey’s most affluent areas,” Cushman’s Frank DiTommaso said.
The C&W team of David Bernhaut, Gary Gabriel, Kyle Schmidt, DiTommaso, Andy Schwartz, Jordan Sobel, Andre Balthazard and Bill Baunach represented the undisclosed seller and procured the buyer. Sobel added: “The property provides optionality for new ownership to implement a value-add leasing strategy while also pursuing alternative options for the site in the future.”
In addition to the sale, C&W’s William O’Keefe and Charles Parmelli will serve as exclusive leasing agents for the property.
“We’re excited to be working with new ownership to lease the remaining vacancies through the implementation of an amenity-based rebranding and repositioning strategy,” O’Keefe said.
