Governor Morris Office Center at 25 Lindsley Drive in Morris Township — Courtesy: Cushman & Wakefield
By Joshua Burd
An investment firm is set to begin renovations at a Morris County office building after purchasing the property for more than $9.7 million, in a deal arranged by Cushman & Wakefield.
The Mountainside-based buyer, Pentaurus Properties LLC, sought to acquire the 76,308-square-foot Governor Morris Office Center thanks in part to its location near downtown Morristown and Interstate 287. C&W’s David Bernhaut, Andy Schwartz, Jordan Sobel and André Balthazard represented Lindsley Drive Associates LLC in its sale of the property, located at 25 Lindsley Drive, and procured the purchaser.
“25 Lindsley Drive offered investors the opportunity to procure an office property with true value-add potential,” Schwartz said. “We saw significant interest in this property because of its diversified tenant roster and ideal location in the highly desirable Morristown.”
Pentaurus, which paid $9.725 million for the three-story building, owns a mix of commercial and multifamily properties in New Jersey and Florida. Its latest addition sits on five acres, with quick access to a host of restaurants, retail and entertainment options.
“We are extremely excited about this acquisition,” said JD Moore, an asset manager with the firm. “It has a strong medical and professional tenancy in a tight Morristown market. We look forward to completing our capital improvement project, which will commence in a few short weeks.”
