62 Elm St. in Morristown — Courtesy: HFF
By Joshua Burd
A nonprofit has reaped $5 million from the sale of its 20,000-square-foot office building in downtown Morristown.
Brokers with HFF and Transwestern said Thursday that the organization, Cornerstone Family Programs, had closed on the sale of 62 Elm St. to a private buyer. The two firms represented the seller, which is consolidating with an affiliate in a new Morristown location, while also procuring the purchaser.
That team included HFF Managing Director Kevin O’Hearn, Director Marc Duval, Senior Managing Director Jose Cruz and senior directors Michael Oliver and Stephen Simonelli, according to a news release. Transwestern’s team was led by Dan Ligorner and Jim Postell.
“Not only was it great to sell a boutique, downtown asset in the highly desirable Morristown submarket, but very rewarding to successfully transact for a notable not-for-profit organization such as Cornerstone,” O’Hearn said.
The brokers touted 62 Elm St.’s location, which is within walking distance of retail options, the Green, restaurants and the Morristown train station. The three-story property, completed in 2006, is also a quarter-mile from Exit 36 of Interstate 287.
HFF said the boutique building has flexible floorplates for single- or multitenant use and 40 on-site parking spaces.
“As Morristown continues to flourish as a business and cultural hub, the opportunity to play a role in the evolution of an organization as deeply entrenched and valued in the community as Cornerstone is gratifying,” Ligorner said. “The transaction underscores the broadening demand for quality in downtown Morristown, as well as the additive value of the HFF/Transwestern partnership.”