Cushman & Wakefield inks lease, completes sale in North Jersey

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Cushman & Wakefield announced both a sale and lease last week, both in North Jersey.

On Sept. 13, the global commercial real estate services firm said it arranged the sale of an approximately 18,000-square-foot medical office building in Florham Park for $4.62 million.

Cushman & Wakefield‘s Frank DiTommaso, Andy Schwartz, Jordan Sobel, Andre Balthazard and Dan Bottiglieri represented the seller, The Silverman Group, and procured the buyer, Desai Holdings, in the transaction for 10 James St.

The property is 100% leased, according to Cushman & Wakefield.

“We are grateful to have worked with The Silverman Group and Desai Holdings on this transaction,” Sobel said. “This stabilized medical office building is ideally located in a central business district and surrounded by an affluent population. Coupled with a strong tenant roster, the property offers great existing cash flow with the value-add opportunity for new ownership.”

Located on more than 1 acre, the building is surrounded by corporate and medical offices. With proximity to Route 24 as well as Interstates 80, 280 and 287 in addition to the Morristown Airport, the property affords multiple access points along with dining and shopping options.

A Hackensack HQ

Following the medical office sale announcement, Cushman & Wakefield said Sept. 15 it arranged a lease renewal for BROAD U.S.A. Inc. that will keep the company’s headquarters at 401 Hackensack Ave. in Hackensack.

The firm’s David DeMatteis, Patrick Dean and Christina Magill represented the HVAC contractor in the transaction for Suite 503 at the 10-story, 167,537-square-foot office property.

“We are thrilled to have arranged this lease renewal for BROAD U.S.A.. This transaction is another example of how Bergen County continues to remain a strong office environment in the midst of changing workplace preferences,” said DeMatteis. “We were able to negotiate the best possible deal for the renewal of their headquarters, ensuring BROAD U.S.A. continues to benefit from a best-in-class work environment.”

With a tenant roster that also features the Social Security Administration, Prager Metis and Omni Specialty Corp., 401 Hackensack Ave. boasts a fitness center, on-site restaurant and ample parking. Located off Route 4, and within Continental Plaza, it is a 20-minute drive to New York City and is close to the New Bridge Landing Commuter Rail and 175 Street Transit Stop.