Tower 270, located at 270 Davidson Ave. in Somerset — Courtesy: Colliers International Group
By Joshua Burd
The owner of a 229,000-square-foot, eight-story office building in Somerset County has tapped Colliers International Group to sell or lease the property, the real estate services firm said.
The building, known as Tower 270, is located at 270 Davidson Ave. in the Somerset section of Franklin, Colliers said. The real estate services firm is marketing the property as an owner-occupier purchase opportunity, with 83,000 square feet of space also available for lease to a single user or multiple tenants.
Richard Mirliss, Michael Tesser, Alexander Vitro and Ryan Haggerty are leading the effort on behalf of Colliers.
“This building has been upgraded and maintained through its history,” Mirliss said. “We are seeing more users explore property purchases as means to control their operating costs for the long term.”
Tower 270 features newly renovated lobby and common areas, plus recently added amenities such as a café and shared conference center space, Colliers said in a news release. Tenants also benefit from covered parking and on-site property management, along with a location just off Exit 10 of Interstate 287.
“As availabilities begin to tighten, upward pressure is placed on rents,” Tesser said, noting that average asking rent in central New Jersey closed the first quarter at $25.82 per square foot, up $1.05 per-square-foot year-over-year.”
Mirliss added that the recent capital investment at Tower 270 also positions it as an attractive leasing opportunity for regional businesses.
“This really is a great building that has been well maintained through its history,” he said. “Its quality, flexible accommodations, onsite amenities and outstanding location continue to draw steady inquiries from a diverse pool of tenants.”