Morristown Office Building Secures $54M Financing Deal

MORRISTOWN, NJ—The owner of a more than 320,000-square-foot office building here has landed a nearly $54-million financing deal.

CBRE’s Debt & Structured Finance team reports the closing of a $53.6-million loan secured by 445 South St. in Morristown. Morgan Stanley provided the 10-year, interest-only loan to Strategic Real Estate LLC to finance the sponsor’s prior all-cash acquisition of the office complex.

CBRE’s James Gunning, Donna Falzarano and Kyle Saviano sourced the financing and arranged the loan on behalf of the building sponsor.

CBRE VP Falzarano, says, “Given the quality of the asset, its credit-rated tenant roster and strength of the sponsorship, several large capital providers competed heavily. Morgan Stanley offered the most competitive terms available with minimal required structure at very attractive pricing.”

One of the premier Class A corporate facilities located in the Morristown submarket, 445 South Street is a 320,274-square-foot office building. Its tenant roster, includes Travelers Insurance, Covanta Energy Corp., Marsh USA and Arch Reinsurance Co.

The property’s  amenity package  includes a  two-story atrium lobby finished in rich woods and natural stone, a full-sized outdoor basketball court, a large full-service cafeteria, a training center, two common area conference rooms, a fitness center and ample parking.