"The building has a strong history of tenant retention," says David Bernhaut of Cushman & Wakefield's Metropolitan Area Capital Markets Group, who orchestrated the deal with C&W colleagues Andrew Merin, Gary Gabriel and Jose Cruz. "It is located in a prestigious corporate market and benefits from the region's historically strong economic growth, transportation infrastructure and labor pool. These attributes drew significant interest from the investment community."
Located in the Murray Hill section of this township, 41 Spring St. is a single-story office building on 15 acres near I-78. It's currently 100% leased to three NYSE-listed tenants, led by Baxter Pharmaceutical, which occupies 85,000 sf, utilizing its space as a combination of offices and an R&D lab. The other half of the building is divided between Unisys Corp. and Accenture. The site itself is surrounded by a combination of residential, retail and restaurant uses.
With the acquisition, Pitcairn now has more than $1 billion in assets, including 4.7 million sf of class A office space on the East Coast. The company now has more than 400,000 sf of office and industrial space in New Jersey, plus a 33-acre development site in Ridgefield Park. For its part, SEB is a $5.5-billion German open-end real estate mutual fund.
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