Landlord looks to sell Morristown office complex for $95M

New York /
Apr.April 09, 2019 04:50 PM

Keystone Property Group has selected HFF, the commercial brokerage being absorbed by JLL, to market a 487,000-square-foot office complex in Morristown. Real Estate Alert reported last week that the Conshohocken, Pennsylvania-based investment manager had priced the property at 412 Mount Kemble Avenue in Morristown at roughly $95 million. The property is 94 percent leased to a number of tenants, including engineering outfit Louis Berger, Jacobs Engineering, and life sciences company Lonza. RE Alert noted that at an estimated value of $195 per-square-foot, a buyer’s initial annual yield would be 7.25 percent. Keystone bought the office complex from Mack-Cali Realty for $45.4 million in 2014, according to New Jersey Business Magazine. Mack-Cali, a Jersey City-based real estate investment trust, earlier this year unloaded $487.5 million office and residential portfolio in Westchester as it seeks to refocus its business on waterfront office and multifamily properties in the Garden State. As for Keystone, it is also looking to sell a seven-building office complex in Blue Bell, Pennsylvania, for roughly $100 million. [RE Alert]


Related Articles

arrow_forward_ios
1000 Jefferson Ave, Elizabeth, New Jersey. (Kassin Sabbagh Realty)
Elion Partners buys $30M industrial property in Elizabeth
Elion Partners buys $30M industrial property in Elizabeth
A rendering of the facility at 1029 Newark Avenue in Elizabeth, Fidelco chairman Marc Berson and Elberon Development Group chairman Ann Evans Estabrook (Photos via JLL, Fidelco and Elberon)
Cold storage facility in New Jersey gets $34M loan
Cold storage facility in New Jersey gets $34M loan
(Getty)
Summer camps can reopen, but much remains unknown
Summer camps can reopen, but much remains unknown
Progress Capital partner Brad Domenico and the development at 136 Summit Avenue (Photos via Progress Capital)
Jersey City development advances with $30M construction loan
Jersey City development advances with $30M construction loan
Trump Plaza in Atlantic City (Getty)
Trump Plaza in Atlantic City is demolished
Trump Plaza in Atlantic City is demolished
Condé Nast CEO Roger Lynch and Durst Organization chairman Douglas Durst (Getty, iStock)
Condé Nast considers move to Gold Coast to save money
Condé Nast considers move to Gold Coast to save money
A rendering of Moorestown Mall (Courtesy of PREIT)
Apartments, hotel to be added to Moorestown Mall
Apartments, hotel to be added to Moorestown Mall
The 5,400-square-foot McMansion in Colts Neck, New Jersey (Photos via Robert DeFalco Realty)
It’s Christmas every day at this New Jersey home
It’s Christmas every day at this New Jersey home
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...