Blue Foundry Bank set up its new administrative hub in Parsippany last August. But back when it was Boiling Springs Bank, the institution called a property within walking distance of the Rutherford NJ Transit station home.
On Jan. 18, Cushman & Wakefield announced it advised Prism Capital Partners on its purchase of the 40,000-square-foot office building at 25 Orient Way that formerly housed the bank, and arranged equity for the acquisition.
Financial terms of the deal were not disclosed.
Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Frank DiTommaso of Cushman & Wakefield’s Investment Sales Group helped arrange the capitalization on behalf of Prism Capital Partners.
The four-story building is fully available, Cushman & Wakefield said. It offers ample parking – rare for properties in Rutherford’s walkable downtown – in addition to being located near public transportation options.
“The combination of walkability to mass-transit, abundant downtown amenities and on-site parking makes 25 Orient Way a highly desirable asset and we look forward to a successful reposition of the property,” said Prism Capital Principal Eugene Diaz in a statement.
Nutley-based Prism Capital Partners is the real estate owner and operator behind such projects as North Jersey’s ON3 and the transit-oriented Avenue & Green in Woodbridge.
