One Centennial Plaza in Piscataway — Courtesy: Colliers International
By Joshua Burd
A private equity group based in Atlanta has acquired two Piscataway office buildings after an $11 million deal orchestrated by Colliers International Group Inc.
In a news release Friday, the real estate services firm said it represented the seller of One Centennial Plaza, a complex that totals 245,106 square feet and includes a shared 4,000-square-foot, glass-enclosed atrium. Collier’s Jacklene Chesler handled the assignment on behalf of JPMCC 2005-LDP2 Piscataway Office LLC, while her team also sourced the undisclosed buyer.
The Class A office buildings are 72 percent occupied with tenants such as Johnson & Johnson, which has renewed twice since moving to the building, the news release said. The complex also houses Paychex, which recently signed a 30,000-square-foot lease, and Ingersoll Rand.
“Middlesex County is the second most populous county in the state of New Jersey and grew 12 percent between 2000 and 2015,” Chesler, a senior managing director and head of Colliers’ New Jersey investment sales practice, said in a prepared statement. “This above-average growth is a testament to the county’s staying power. Middlesex County has a deep and highly skilled labor pool that has attracted major corporate users.”
The Colliers International marketing team also included Richard J. Madison, Jonathan Schlussel and Jack Callahan. In the news release, they touted the property’s location just off Interstate 287 South and an area that is rich with hotels and is three miles from Bridgewater’s commuter rail station.