1551 South Washington Ave. in Piscataway — Courtesy: Colliers International
By Joshua Burd
An investor has acquired a nearly 200,000-square-foot office building in Piscataway, under a newly announced transaction by Colliers International.
Known as Washington Plaza, the multitenant property at 1551 South Washington Ave. traded for $11.5 million, Colliers said in a news release. The four-story building was less than 50 percent occupied by eight tenants at the time of the sale, boasting a diverse roster mix and floorplates to accommodate both smaller and larger tenants.
The Colliers capital markets team of Executive Managing Director Jacklene Chesler, Managing Director Matthew Brown and Senior Financial Analyst Frank Summers represented both parties, working alongside Senior Managing Director Michael Tesser and Associate Ryan Haggerty of the firm’s leasing team. Colliers did not disclose the name of either party.
“This was a true value-add investment opportunity,” Chesler said. “The current base of quality tenants possessed by the building, new ownership that is well versed in the Piscataway office market, and the positive fundamentals we are seeing within this submarket offer the right mix of ingredients that will lead to a successful repositioning of this asset as one of the premier office buildings in the market.”
In a news release, Colliers highlighted the building’s location directly off Interstate 287, which provides access to routes 18, 27, 1 and a host of other highways. The firm also noted that the property’s floor design provides an abundance of natural light and a high window-to-floor ratio.
