A fully leased boutique office building in West Orange recently sold with a $17 million price point.

Cushman & Wakefield announced the sale of 300 Executive Drive April 9. The firm arranged the transaction and procured acquisition financing for the buyer.

At 129,298 square feet, the property underwent a substantial capital improvement plan over the past five years. The building quality, along with prime location, has helped attract and retain occupants, as seen more broadly across the sector.

Cushman & Wakefield Managing Director Andrew Schwartz, Director Jordan Sobel, and Senior Associates Andre Balthazard and Dan Bottiglieri represented the seller, Triumvirate Realty, an LLC led by JD Moore and Austin Rolnick. The team also procured the buyer, Executive Drive W Orange LLC. Meanwhile, Executive Managing Director Brian Anderson and Senior Financial Analyst Eddie Miro arranged the financing.

Triumvirate is a subsidiary of Mountainside-based Pentaurus Properties LLC. That firm purchased 300 Executive Drive in a 2019 off-market deal for $8 million.

A well-rounded experience

Situated on 8.67 acres, 300 Executive Drive features a renovated lobby, fitness center and tenant lounge. The upgrades help to position the property to attract professional tenants.

“The property’s fully leased status speaks volumes about the demand for quality office product situated in true work-live-play environments,” Sobel said. “With its modern amenities and accessibility to the revitalized Essex Green Town Center and new luxury housing, this asset offers the exact ecosystem that today’s workforce demands, making it a highly compelling investment.”

Located near Interstate 280, the office building sits adjacent to the Essex Green Shopping Center, offering a suburban setting with urban-style conveniences. The retail and lifestyle hub, which will add a Trader Joe’s and new housing options, has helped establish a desirable ecosystem for investors and occupants across sectors.

1 Boland Drive in West Orange has also seen office leasing success, following its repositioning. Meanwhile, Sentinel Real Estate acquired a new multifamily development in the Essex County municipality, citing its “close proximity to diverse employment and lifestyle nodes.”