CB Richard Ellis was the broker in the sale, and David Simson, president of GVA Williams of NJ, Parsippany, served as an advisor to the buyer. His firm has also picked up the assignment as the exclusive leasing agent for the facility, while Madison Capital itself is assuming on-site property management.
"This acquisition reflects our company's focus on buying value-added assets with excellent upside potential," explains Richard Wagman, a partner of Madison Capital. The company's other principal is Philippe Weissberg.
"This institutional-quality asset is situated in a strong Central New Jersey submarket in a mature corporate environment," Wagman continues. "The building and the fundamentals of its location were extremely attractive to us."
The four-story asset was substantially renovated by State Farm Insurance back in 1997. Its design includes an unusual atrium with four stairwells situated between floors, a feature that provides additional flexibility for tenants, according to Simson. Existing tenants include Samsung SDS America and Unum/Provident, and nearby corporate tenants include Verizon, Siemens and Nomura.
"Currently, 15 Corporate Place South can accommodate space users seeking from 5,000 to 140,000 sf of contiguous space," according to Simson.
The New York-based Madison Capital is a private real estate investment concern that buys, develops and finances commercial properties and provides asset and construction management for its own portfolio.
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