An investment firm has sold a 232,000-square-foot office building in Morris County for $50 million, more than doubling the price it paid to acquire the property in early 2017.
New Jersey’s office market is riding high from a series of blockbuster leases over the summer, recording its highest quarterly increase in net absorption in two years.
A nearly 85,000-square-foot lease by a global pharmaceutical firm is among several recent deals at a Morristown office building, where ownership has unveiled $7 million in upgrades.
Teva Pharmaceuticals isn’t the only life sciences company to impact New Jersey’s office market this year, as several others have inked sizable leases to expand or upgrade their space.
RXR Realty has sold a 230,000-square-foot Morristown office building to a Boston-based real estate investment firm, in a $21.5 million deal brokered by HFF.
