Landlord looks to sell Morristown office complex for $95M

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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]