180 River Road in Summit — Courtesy: Cushman & Wakefield
By Joshua Burd
The Silverman Group has sold a fully leased, 42,000-square-foot office building in Summit, brokers with Cushman & Wakefield announced Wednesday.
The buyers, a joint venture of Saxum Real Estate and The Becker Organization, acquired the property at 180 River Road for an undisclosed price. The two-story building is one of five standalone office buildings in Summit greater than 40,000 square feet, the brokerage team said, highlighting the city’s low vacancy and strength as submarket.
C&W’s Gary Gabriel, Frank DiTommaso, David Bernhaut, Andy Merin and Brian Whitmer represented the seller and procured the buyer.
“The Silverman Group has done an excellent job in bringing this property to full-occupancy over the course of its ownership period and continues to spin off certain assets as it expands its national portfolio of industrial, residential and office properties,” Gabriel said. “This repeat joint venture partnership of Saxum and Becker maintains a focus on transit-oriented investments in select markets, and 180 River Road is well-aligned with that investment strategy.
“Both Saxum and The Becker Organization saw the value in this opportunity and stepped up quickly to take the property off the market. Saxum has been particularly active in Summit and is also headquartered downtown.”
Built in 2001, 180 River Road features two levels of on-site covered parking, according to a news release. C&W touted the boutique building’s precast concrete and reflective glass exterior, which provides a “headquarters-quality feel,” along with direct access to Route 24 and JFK Parkway.
Three longtime tenants occupy 180 River Road, the news release said. The building is less than five minutes from the retail and dining amenities of downtown Summit and NJ Transit rail service to Manhattan.
“Summit is one of New Jersey’s most fundamentally sound and highest barrier-to-entry submarkets, with limited opportunities to service tenants greater than 10,000 square feet,” he said. “Competitive properties maintain a 95 percent average occupancy rate and achieve some of the highest rental rates in suburban New Jersey.”