"This is a prime office building with strong visibility on Route 46, says CBRE SVP Richard Danesi, who's heading the assignment with VP Brian Godau. "It's just 11 miles from Manhattan and 14 miles from Newark Liberty International Airport.
The building has been owned by the New York City-based Praedium and the Dallas-based Lincoln Property for the past 16 months. As reported by GlobeSt.com, the two firms teamed up in late 2005 to buy the asset from Secaucus-based Hartz Mountain Industries for a reported $11.9 million, or about $93 per sf. Also know as 10 Mulholland Dr., the four-story building dating to 1983 was 50% leased at the time of sale.
Since then, the new owners have completed a capital improvement program that has essentially, "repositioned this struggling class B building into a class A building," says Michael Taylor, SVP in the New Jersey office of Lincoln Property Co. That program included general interior and exterior upgrades, a new lobby, elevator cabs and common areas. Adjacent to a Hilton Hotel, the property includes executive conference and training rooms with a capacity of 300 people.
Current major tenants at the property include Apex Communications and BearCom Wireless. The building's available space is currently listed with an asking price of $22 per sf.
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