A rendering of what will be a renovated exterior at 300 Executive, with plans including a new trellis at the front entrance. — Courtesy: Renova Equities/Gensler
By Joshua Burd
An investment group has sold a 130,000-square-foot office building in West Orange, in a deal that comes two years after it acquired the property as part of a four-building office complex.
The firm, Renova Equities, recently closed on the sale of 300 Executive Drive as part of a transaction brokered by Newmark Associates. Pentaurus Properties LLC purchased the four-story building for $8 million, as Renova continues its pursuit of a plan to redevelop the other three properties in the 31-acre West Orange Office Executive Park.
Those properties include 100 Executive Drive, 200 Executive Drive and 10 Rooney Circle, all of which have been designated as an area in need of redevelopment by the township, according to a news release. Moses “Mark” Berger, Renova’s principal, noted that he was “pleased with the result and appreciated the cooperation of the dedicated elected officials of West Orange in supporting the redevelopment efforts.”
Newmark Associates, meantime, said the deal came together at a good time for both parties.
“This sale was ideal in that it was beneficial to both the buyer and sellers,” said Newmark Associates President Susanne Newmark, who completed the transaction. “The sellers realized an opportunity to spin off the office component which wasn’t strategic to their redevelopment plan and maximize shareholder value for their investors. The buyer recognized the possibility of a value-add opportunity. It was a win-win for both parties.”
Based in Suffern, New York, Renova acquired the office park in 2017. The firm subsequently unveiled a series of planned upgrades and managed to lower operating costs, while improving services and maintenance deferred by its prior owner.
Those efforts led to a handful of renewals, Renova said. The building was 55 percent occupied at the time of the sale.
Built in 1984 and located just off Interstate 280, 300 Executive is the largest of the four buildings in the office park. Amenities include conference rooms, a fitness center and food service, along with an on-site property manager.
Pentaurus Properties, a long-term Newmark client, was planning major renovations for the building that would modernize both the interior and exterior of the building, according to a news release. Those plans include a redesign to modernize the exterior façade and remodeling the interior to brighter, more open floor plans, plus the expansion and improvement of amenities and enhancement of the environmental and economic sustainability of the property.