The deal was arranged by the Metropolitan Area Financial Services Group of Cushman & Wakefield of New Jersey, based in East Rutherford. The FSG represented the seller and procured the buyer for the class A building, according to David Bernhaut, executive vice president of the group.

The seller was 90 East Halsey Rd. LP, a partnership controlled by Robert Quinlan of Quinlan Properties, New York City. The sale price and other terms of the deal were not disclosed. However, a source with knowledge of the transaction puts the number at $15 million, or $150 per sf.

"The building is an ideal investment in today's market," Bernhaut says. "It is a quality, leased asset with excellent access." 90 East Halsey Rd., located near Interstates 80 and 287 in Morris County, is currently fully leased to a half dozen tenants. General Chemical occupies about two-thirds of the space, according to C&W's Dennis McConnell.

"More than one dozen offers created a highly competitive bid process for the property," says McConnell, a member of the transaction team who has been handling the leasing of the asset for the past decade.

"RREEF continues to strengthen its commitment to the New Jersey market," Bernhaut says. "The 90 East Halsey purchase is an excellent portfolio addition. "At the same time, Quinlan Properties is a savvy private owner that took advantage of the booming investment market to achieve a desirable sale price," he says.

Instant Insights /

$15M Moves Office Building to RREEF's Portfolio

Related Stories

Recommended For You