966 South Springfield Ave. in Springfield — Courtesy: CBRE
By Joshua Burd
The Springfield office building that is home to LVMH Moët Hennessy Louis Vuitton SE, the French luxury goods conglomerate, has changed hands for $13.3 million.
Brokers with CBRE announced that a private investor has acquired 966 South Springfield Ave., a 60,000-square-foot complex off Route 22. Renovated in 2003, the property serves as the national headquarters for the watch and jewelry divisions of LVMH, which is based in Paris.
CBRE first vice presidents Charles Berger and Elli Klapper, along with Associate Mark Silverman, represented the seller, a tenancy-in-common, and procured the buyer.
“We were able to generate tremendous interest from local, national and even international buyers before settling on a 1031 exchange buyer,” Berger said. “We are thrilled to have been able to secure such aggressive pricing for our client, both from a cap rate and price per square foot perspective, while at the same time providing an opportunity for the buyer to diversify their portfolio on a trophy asset with an in-place long term investment grade tenant in a prime location in one of the most affluent neighborhoods in New Jersey.”
Sitting on 2.7 acres, 966 South Springfield Ave. is triple net-leased to LVMH, which has invested significant capital into the property over its 20-year occupancy, CBRE said.