477 Martinsville Road in Basking Ridge — Courtesy: JLL
By Joshua Burd
Edgewood Properties has acquired a 250,000-square-foot office building in Somerset County that was recently vacated by a global insurance company, in a deal arranged by JLL.
Located in the Basking Ridge section of Bernards Township, the property at 477 Martinsville Road is the former headquarters of Everest Reinsurance, which relocated after signing a lease in 2019 to move to Warren. JLL senior managing directors Jose Cruz, Kevin O’Hearn and Sean Ryan, managing directors Steve Simonelli and Michael Oliver and Vice President Grace Braverman represented a private seller in the deal with Edgewood, which is actively seeking a tenant for the property known as Westgate.
Terms were not disclosed.
“Westgate is a trophy asset which should benefit from the ‘flight to quality’ tenant trend we’re currently seeing in the market,” O’Hearn said.
Completed in 1991, Westgate has a two-wing layout with separate entrances and elevator banks, with a full-height central lobby, JLL said. The four-story, granite-clad building also has tenant amenities such as large private balconies, a full-service cafeteria, a modern fitness center, and a large terrace overlooking a fountain pond, among others.
Prospective tenants would benefit from conference room space, several generators and both garage and surface parking, the brokers added, plus a location that is minutes from interstates 78 and 287 and Route 22.