The terms of the sale, including the sale price, were not disclosed. However, observers say the building was on the market with a price tag in the $6 million range. If that's the amount the building fetched, as observers say, it would factor out to nearly $110 per sf.

"We're pleased with the acquisition of 310 Madison Ave., as well as to be continuing our aggressive acquisition program throughout the Northeast," according to Joseph Romano, Advance's senior vice president and regional managing director. "It is an excellent addition to our portfolio. Morristown's resurgence and growth, along with the amenities it offers, were all attractive features of this transaction."

Advance's newly acquired building is located near this Morris County city's downtown section, in the prestigious Madison Avenue office corridor. It's adjacent to New Jersey Transit's Convent rail station with direct service to Midtown Manhattan, as well as to two hotels.

One immediate task facing the new owner is that 310 Madison Ave. is currently completely empty, JCP&L having vacated the premises as part of a consolidation. Simultaneous to announcing its acquisition of the building, Advance has also tapped Insignia/ESG to market the 56,000 sf of available space. Sam Buckley and William O'Keefe of the firm's Saddle Brook, NJ office head the assignment.

Among other things, the asset has almost 350 parking spaces, a ratio of about six cars per thousand sf of building space. 310 Madison Ave. also can be expanded by an additional 15,000 sf of office space.

Instant Insights /

Advance Buys 56,000-SF Downtown Office Building

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