The three-story building is currently vacant and available for lease. It was formerly occupied by Reckitt Benckiser, the UK-based cleaning products maker, which used it as its US headquarters before downsizing and relocating to Parsippany. The asset's 11-acre site is also cleared for an expansion of up to 27,000 sf.
"It is a great repositioning opportunity, and it drew significant bidding," says Jose Cruz, a senior director with Cushman & Wakefield's Metropolitan Area Capital Markets Group, which orchestrated the sale. "Prism and New Boston had competition from several other interested investors."
Kevin Swill, president of Kushner Properties says the disposition was a strategic play for the company.
The property's amenities include a full-service cafeteria and 580 parking spaces. Corporate neighbors include JVC, BP Amoco, Valley National Bank, Washington Mutual, Boston Scientific and William Paterson University.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.