Cushman & Wakefield said it recently arranged the sale of a boutique office building in Summit. The transaction is a joint venture between Saxum Real Estate and The Becker Organization who purchased the property from The Silverman Group.
Cushman & Wakefield’s commercial real estate capital markets group orchestrated the trade of the fully leased, 42,000-square-foot office building which is located at 180 River Road.
“The Silverman Group has done an excellent job in bringing this property to full-occupancy over the course of its ownership period and continues to spin off certain assets as it expands its national portfolio of industrial, residential and office properties,” said Cushman & Wakefield’s Gary Gabriel, who represented the seller and procured the buyer with team members Frank DiTommaso, David Bernhaut, Andy Merin and Brian Whitmer.
Home to three long-time tenants, 180 River Road sits on two acres immediately off Route 24 and JFK Parkway. It is less than five minutes from downtown Summit and offers 35-minute direct rail service to New York Penn Station.
According to DiTommaso, 180 River Road is unique in its size, as just one of five stand-alone office buildings in Summit greater than 40,000 square feet.
“Summit is one of New Jersey’s most fundamentally sound and highest barrier-to-entry submarkets, with limited opportunities to service tenants greater than 10,000 square feet,” he said. “Competitive properties maintain a 95 percent average occupancy rate and achieve some of the highest rental rates in suburban New Jersey.”
The two-story building was constructed in 2001 and features two levels of on-site covered parking. Its precast concrete and reflective glass exterior, combined with LED up-lighting, provides an attractive headquarters-quality feel. Tenants enjoy outstanding access, along with superior visibility and signage opportunities.