"The seller was looking to place the asset with an institutional buyer, and wanted the sale completed with a very fast closing date," says James Poole, senior vice president and co-managing director of the Northern New Jersey regional office of NorthMarq Capital Inc., Parsippany. The real estate investment banking firm, which has its headquarters in Minneapolis, arranged the deal for the seller.
"A class A product in a class A location made this a project that was highly sought after by purchasers," Poole says. "Because of some unique features of the asset, and because of its tenancy, we needed to identify a sophisticated group of purchasers. The building has had an excellent history of occupancy, and it has always been a well-managed asset." Current major tenants at 45 Eisenhower Dr. are Hewlett Packard and XO Communications, a telecom services provider.
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