Edgewood Properties buys former HQ building in Basking Ridge

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Everest Reinsurance currently operates out of the Warren Corporate Center. But it once occupied Westgate in Basking Ridge.

On Aug. 3, JLL Capital Markets announced the sale of that vacant 250,000-square-foot property to Piscataway-based Edgewood Properties.

JLL both represented the seller and procured the buyer in the transaction. Financial terms were not disclosed.

The JLL Capital Markets team representing the seller was led by Senior Managing Directors Jose Cruz, Kevin O’Hearn and Sean Ryan; Managing Directors Steve Simonelli and Michael Oliver; and Vice President Grace Braverman.

According to O’Hearn, “Westgate is a trophy asset which should benefit from the ‘flight-to-quality’ tenant trend we’re currently seeing in the market.”

The four-story building features a full-height central lobby with a two-wing layout, each with a separate entrance and elevator bank. Situated on 34.6 acres, attractive amenities include large private balconies, a full-service cafeteria and fitness center, conference room space, a large terrace overlooking a fountain pond and several generators.

The property offers a 116-space parking garage in addition to surface parking.

Several major companies have a presence in Basking Ridge, including Verizon and Memorial Sloan Kettering Cancer Center. Westgate is close to Interstates 78 and 287 and Route 22, in addition to the Lyons NJ Transit station.

According to JLL, Edgewood is actively seeking a tenant for the space.