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Thursday, 22 August 2019

Madison, N.J., Office Building Trades for $115Mln

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Commercial Real Estate Direct Staff Report

Gulf Islamic Investments has paid $115 million, or $426/sf, for the 270,000-square-foot office building at 175 Park Ave. in Madison, N.J.

The Abu Dhabi company bought the property from the Hampshire Cos. of Morristown, N.J., which had converted the former Verizon call center to an office building in 2013. It includes a fitness center, café and conference room.

Gulf Islamic assumed $85 million of CMBS debt that pays a 5.318 percent...

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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

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Additional Info

  • Syndicate to Realpoint: No
  • States: New Jersey
  • Sector: Office
  • Subject: Property Acquisitions (ACQ)
  • Valuation: Between $100 million and $150 million
  • Private: Yes
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