The deal set what is apparently a new record for the suburban New Jersey office market. The price tag of $61.55 million amounts to approximately $240 per sf, and that's said to be a record in the market. According to Andrew Oliver, managing director at Sonnenblick-Goldman, the property received "a large number of competitive bids," which helped move the final sale price to a record level.

Morris Technology Center was recently completed and opened for occupancy by WP Commercial. The property is 100% leased to New York Life Investment Management Holdings, which has 550 employees on-site. New York Life's lease runs for a term of 15 years.

Benenson Capital chief investment officer James Stifel terms the acquisition "a core asset for our portfolio. Our long-term view of this acquisition is very positive." Benenson Capital is a 96-year-old privately-held real estate investment and development firm.

Credit Lyonnais and the Citibank Private Bank provided short-term acquisition financing. Permanent financing will come from a consortium made up of Teachers Insurance & Annuity, Phoenix Mutual and Nationwide Insurance, and is being place by Credit Lyonnais.