445 South St. in Morris Township — Courtesy: CBRE
By Joshua Burd
The owner of a 320,274-square-foot office complex near Morristown has landed nearly $54 million in financing, brokers with CBRE said Monday.
The real estate services firm announced that it represented the borrower, Strategic Real Estate LLC, in sourcing the loan secured by 445 South St. in Morris Township. Morgan Stanley provided the 10-year, interest-only loan, which is financing the sponsor’s prior all-cash acquisition of the office complex.
The CBRE debt and structured finance team of James Gunning, Donna Falzarano and Kyle Saviano arranged the $53.6 million transaction.
“We were retained on an exclusive basis to source competitive financing options on behalf of our client, Strategic Real Estate,” said Falzarano, a vice president with the firm. “Given the quality of the asset, its credit-rated tenant roster and strength of the sponsorship, several large capital providers competed heavily. Morgan Stanley offered the most competitive terms available with minimal required structure at very attractive pricing.”
Located five minutes from downtown Morristown, 445 South St. is home to tenants such as Travelers Insurance, Covanta Energy Corp., Marsh USA and Arch Reinsurance Co., CBRE said. The property features a two-story atrium lobby and amenities such as a full-sized outdoor basketball court, a full-service cafeteria, a training center, two common area conference rooms and a fitness center.