GlobeSt.com EXCLUSIVE: Time Inc. Buys 132,000-SF Office Building

The building wasn't in the Bedminster-based Advance's portfolio for very long--the company just acquired it this past July from New York Life as a value-add play. The sale price this time around is not being released; industry sources put the earlier mid-summer acquisition from New York Life in the $15-million to $17-million range.

The deal was brokered in-house for Advance by Bob Martie, senior vice president and regional managing director, and Eric R. Becher, vice president of acquisitions. Time Inc. was represented by Marc Rosenberg, Bob Donnelly and Bill Brown of Cushman & Wakefield of NJ, East Rutherford.

"This asset was an excellent investment in a rebounding market," Martie tells GlobeSt.com. "The facility met Time's business goals and real estate strategies, and also, I feel, reflects our ability to market a property to prospective corporations. Having sold this property within a few months of our acquisition is a reflection of the building's technological infrastructure and location."

"This acquisition capped a 12-month site search for an appropriate back-up data center for Time's corporate offices in Manhattan," Rosenberg tells GlobeSt.com. "The property's substantial mechanical infrastructure, location and expansion potential created an ideal situation for our client."

The building at 260 Cherry Hill Rd. was initially developed as a corporate headquarters facility back in the early 1970s. It was later bought by New York Life, which used it as a data center and trading desk before vacating it entirely a few years ago. Located at the entrance to Morris Corporate Center in Morris County, its corporate neighbors include HSBC, Sun Chemical, Cadbury Schweppes, Prudential, Deloitte & Touche and St. Paul RE.

As indicated by C&W Rosenberg, the building has expansion capabilities. Specifically, it can be expanded by up to another 100,000 sf. On-site amenities include a 30,000-sf conference center, cafeteria space, a fitness center and a helipad.