Morristown Plaza at 161-163 Madison Ave. in Morristown — Courtesy: Cushman & Wakefield
By Joshua Burd
The Silverman Group has sold more than 122,000 square feet of office space in Morristown for $21.5 million, in a newly announced deal by Cushman & Wakefield.
According to the brokerage team, Pentaurus Properties purchased the two-building complex at 161-163 Madison Ave., allowing the seller to continue to focus on the industrial sector. Known as Morristown Plaza, the 122,103-square-foot office property was 92 percent leased at the time of the deal.
Cushman’s Gary Gabriel, David Bernhaut, Frank DiTommaso, Bill Baunach and Maia Sirabian represented the seller, with support from the team’s private capital group of Andy Schwartz, Jordan Sobel and Andre Balthazard.
“Morristown is without question one of the most vibrant communities in New Jersey and is currently in the midst of an exceptional transformation, particularly as it relates to the office sector,” DiTommaso said. “Fortune 500 and globally recognized companies such as Deloitte, Sanofi and Valley Bank have made long-term commitments to Morristown. There is no doubt that their presence will be felt beyond just the Morristown central business district and will positively impact local businesses, services and even real estate assets such as Morristown Plaza for years to come.”
The deal is among several recent office sales by C&W on Silverman’s behalf. In a news release, the firm noted that Morristown Plaza sits on 3.9 acres and has a PNC Bank branch with drive-thru services, a combination of surface and covered parking and a recently renovated amenity center including a full-service café, a fitness center and a shared conference facility.
“We are pleased to be able to assist Pentaurus in enhancing and growing their local portfolio with the addition of Morristown Plaza,” Sobel added.
The complex is minutes from downtown Morristown, with direct access to Interstate 287.
“Pentaurus remains focused on acquiring assets that have long-term value and superior locations,” Pentaurus’ Austin Rolnick said. “Possessing both of these attributes, with the ability to improve the asset, made Morristown Plaza a perfect fit for our portfolio.”
