Adoni Property Group Buys Northern New Jersey Office Campus

131 Morristown Road. Image courtesy of Cushman & Wakefield

Adoni Property Group has acquired a two-building, 216,573-square-foot office campus in Basking Ridge, N.J. Cushman & Wakefield represented the seller, listed by CommercialEdge as UBS Realty Investors, and procured the buyer. Following the transaction, the brokerage firm will also provide leasing services at the Class A property.

CommercialEdge data also shows that the property previously traded for $50.3 million in 2002.

Completed in 1984 at 131 Morristown Road, the campus comprises two two-story buildings that are connected through an enclosed walkway, as well as a landscaped courtyard. Amenities include an on-site cafeteria and fitness center. The property features 53,000-square-foot floorplates and a parking ratio of 1.2 spaces per 1,000 square feet.

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Situated on 34 acres adjacent to Interstate 278, the campus is a quick commute to and from many of Morris County’s surrounding towns. Newark, Jersey City and Manhattan are 20, 26 and 29 miles away, respectively.

The Cushman & Wakefield team acting on behalf of the seller was led by Executive Vice Chairman David Bernhaut, Vice Chairman Gary Gabriel, Executive Managing Director Kyle Schmidt, Executive Director Frank DiTommaso, Managing Director Andrew Schwartz, Director Jordan Sobel, Senior Associate Andre Balthazard and Senior Financial Analyst Bill Baunach. Executive Managing Director Charles Parmelli and Managing Director William O’Keefe will serve as the property’s leasing agents.

Office market stability in the Garden State

Despite a slight slowdown in new leases alongside negatively trending net absorption, New Jersey’s office market has held stable, according to data from a fourth quarter 2022 JLL report. The state’s average asking rent trended up to $29.49 per square foot, while tenants chose modern, amenity-driven offices, the report shows.

Recent office leasing deals from around the state include Faropoint’s 18,603-square-foot lease at Waterfront Corporate Center I in Hoboken, as well as Manulife’s welcoming two new tenants to 10 Exchange Place, a 740,354-square-foot office tower in Jersey City.