GIM Buys 403,000 SF in Two Office Properties

Rockaway 80 was acquired from Onyx Equities of Woodbridge. As reported by GlobeSt.com, Onyx Equities was formed in 2004, and Rockaway 80 was one of its initial acquisitions. As part of a complicated three-building deal, Onyx bought the building in 2005 from a partnership of Investcorp, Crow Holdings and Lincoln Equities.

Located at 100 Enterprise Dr., Rockaway 80 is currently 80% leased to 13 tenants, including Warner Chilcott, Reed Elsevier and Hartford Fire Insurance Co. Onyx was represented by Cushman & Wakefield's Andrew Merin, David Bernhaut, Gary Gabriel and Jose Cruz.

The second pick-up is 299 Jefferson Rd., a 143,777-sf building in Mountain Lakes--both newly acquired buildings are within the Parsippany submarket. Acquired by GIM in a joint venture with Vision Equities, 299 Jefferson Rd. is a three-story, single-tenant asset fully leased to media and educational publisher Pearson, whose lease expires in 2009. The seller was the Atrium Limited Partnership. The deal also marks the second joint venture acquisition GIM has done with Vision Equities recently. As reported by GlobeSt.com, the partners bought Mountain Lakes Corporate Campus in March.

"Rockaway 80 is one of the few office buildings in the market that provides quality class A alternatives for mid-size or smaller tenants," says Gary Lyon, managing director for GIM, the Philadelphia-based North American real estate manager for Grosvenor Fund Management. "And 299 Jefferson Rd. is one of the few buildings in the area with the capacity to accommodate a tenant that needs more than 100,000 sf of space.

"New Jersey continues to offer promising investment opportunities," Lyon says. "In less than a year, on behalf of the same public pension fund, we have invested in four office buildings totaling 785,000 sf, as well as in residential development."

Further details, including sale prices, were not released. Industry sources say the two buildings combined likely traded for a number in the $80-million range.