Northern New Jersey Office Building Sells

Westgate. Image courtesy of JLL Capital Markets

Edgewood Properties has acquired Westgate, a vacant, 250,000-square-foot office building in Basking Ridge, N.J. The property traded for $10.7 million and was in receivership due to a 2010 loan held by UBS, according to Somerset County records. JLL Capital Markets procured the buyer and represented the seller, American Real Estate Partners, which previously purchased the asset in 2010, for $64.4 million, CommercialEdge data shows.

Westgate served as the headquarters for Everest Reinsurance before the company’s relocation. The new owner is actively seeking tenants.

Completed in 1991, the property spans 34.6 acres and encompasses a four-story building with a two-wing layout, each with separate entrance and elevator bank. Amenities include private balconies, a full-service cafeteria, a fitness center, a terrace, a conference room space and 116 parking spaces.

Located at 477 Martinsville Road, Westgate is 25 miles from Newark, N.J., and 35 miles from New York City. The property is close to interstates 78 and 287, Route 22 and the Lyons N.J. Transit station, which provides connections to New York City. The area surrounding the office building is home to pharmaceutical companies and offers restaurants and cafes.

The JLL Capital Markets team representing the seller included Senior Managing Directors Jose Cruz, Kevin O’Hearn and Sean Ryan, as well as Managing Directors Steve Simonelli and Michael Oliver, along with Vice President Grace Braverman.

Earlier this year, American Real Estate Partners landed $162.5 million in refinancing for a 39-story office tower in Philadelphia.