1 Corporate Place South in Piscataway — Courtesy: Colliers International
By Joshua Burd
A private investor has acquired an 89,000-square-foot office building in Piscataway, under a $10 million deal announced Thursday by Colliers International.
Brokers with the firm represented Princeton Equities LLC in the sale of 1 Corporate Place South, a multitenant building just off Interstate 287. The property changed hands as part of a partial sale-leaseback, Colliers said, while identifying the buyer as a New Jersey-based investor.
Jacklene Chesler, Patrick Norris, Matthew Brown and Angelo Vitale headed the assignment out of Colliers’ Parsippany office.
“The I-287 corridor office submarket is recognized as one of the most improved office submarkets in the state due to the tightening availability rate, inflation of rents and the ongoing repurposing of office buildings for alternative uses in Piscataway,” Chesler said. She cited a recent drop in vacancy of about 170 basis points and direct average asking rental rate growth of 3.4 percent over the last four quarters.
Colliers said the 5.5-acre property drew more than 12 written offers and multiple bid rounds soon after being presented to the market. Built in 1981, 1 Corporate Place South was upgraded in 1997, with additional lobby and façade renovations taking place in 2009.
The property is 100 percent occupied by four tenants including Marlabs, an owner and user technology firm that is the anchor tenant, Colliers said. It also sits within the Corporate Park 287 office park, which is home to the likes of Siemens AG, Nomura Securities, Barclays, and Verizon, while providing easy access to the New Jersey Turnpike.
“It is noteworthy that Piscataway is now deemed to be the next biggest industrial hub in New Jersey,” Chesler said. “The demand for industrial space has spurred large industrial developments in Piscataway and the demolition/repurpose of obsolete and vacant office product.”
She added that there are currently five industrial projects under construction in Piscataway totaling 1.9 million square feet, with 69 percent of that space already being pre-leased.
