Spring Street Innovation Center at 41 Spring St. in New Providence — Courtesy: Newmark Knight Frank
By Joshua Burd
Mountain Development Corp. has sold a multitenant, 171,216-square-foot office and research building in New Providence, in a deal arranged by Newmark Knight Frank.
Brokers with firm announced Monday that they represented MDC in the $23 million sale of Spring Street Innovation Center, which is located at 41 Spring St. Shelbourne Global Solutions, a New York-based firm, acquired the single-story complex.
NKF Executive Managing Director Kevin Welsh, Managing Director Brian Schulz and Associate Chuck Kohaut of the firm’s tristate capital markets team completed the assignment, which included procuring the seller. The NKF team collaborated with Geoff Schubert of CBRE, the leasing agent at the property.
“Mountain Development created substantial value at Spring Street Innovation Center, completing more than 55,000 square feet of new leases during their 18-month hold period,” Schulz said. “Shelbourne is well positioned to realize additional upside, benefitting from ongoing leasing activity to stabilize the asset fully.”
All told, the complex houses research and development, technology and office space that recently underwent more than $3.5 million in capital improvements, NKF said. The property is 88 percent leased to nationally recognized science and technology tenants, including C.R. Bard, TRC Environmental, Linde Gas and PromptCare.
The brokerage team touted 41 Spring St.’s location within an established STEM micro-market and within walking distance of NJ Transit’s Murray Hill Station. The building is also two miles from Interstate 78 and provides access to the state’s highly skilled and affluent labor force.
