300 Executive Drive in West Orange — Courtesy: Cushman & Wakefield
By Joshua Burd
Investors have sold a more than 129,000-square-foot office building in West Orange for $17 million, in a newly announced deal by Cushman & Wakefield.
The brokerage team said the property, 300 Executive Drive, was fully leased at the time of the sale by Triumvirate Realty and has benefited from substantial updates over the past five years. That includes a renovated lobby, a fitness center and a tenant lounge, capitalizing on its location near Interstate 280 and adjacent to the Essex Green Shopping Center.
Cushman’s Andrew Schwartz, Jordan Sobel, Andre Balthazard and Dan Bottiglieri represented the seller, an LLC led by JD Moore and Austin Rolnick, and procured the buyer. The firm’s Brian Anderson and Eddie Miro procured the acquisition financing for the property’s new owner, Executive Drive W Orange LLC.
“300 Executive Drive is a prime example of a high-performing asset that continues to attract and retain tenants due to its superior quality and strategic location,” said Sobel, a director at C&W. “The property’s fully leased status speaks volumes about the demand for quality office product situated in true work-live-play environments. With its modern amenities and accessibility to the revitalized Essex Green Shopping Center and new luxury housing, this asset offers the exact ecosystem that today’s workforce demands, making it a highly compelling investment.”
Sitting on an 8.67-acre parcel, 300 Executive Drive spans 129,298 square feet and is surrounded by a dense population of educated professionals, according to a news release. Its proximity to Essex Green Shopping Center allows tenants to enjoy a suburban setting with urban-style conveniences, including dining, shopping and entertainment options.
