MORRISTOWN, NJ—National Business Parks purchased 10 Madison Avenue, an 87,000-square-foot, class A asset, from Morristown Holdings, a New Jersey company managed by WhiteStar Advisors, for $20 million. “This property and transaction provide an 'Exhibit A' illustration of Morristown's continued renaissance, and the resulting demand from investors and tenants that want to be part of walkable, transit-served live/work/play downtowns,” noted Cushman & Wakefield's Gary Gabriel, who orchestrated the transaction with Andrew Merin, David Bernhaut, Brian Whitmer and Andrew Schwartz.
The four-story boutique office building is located in downtown Morristown. The property is home to \
nine tenants, including Morgan Stanley, AXA Equitable, Northwestern Mutual and Valley National Bank. Built in 1980 and renovated in 2005, 10 Madison Avenue offers tenants highly functional space in a crossroads location at the confluence of I-287, Rt-202, Rt-24, Madison Avenue and Park Avenue.
“National Business Parks capitalized on the opportunity to invest in an asset that offers cash flow stability and a history of attracting financial services and wealth management firms – indicative of the area's affluence,” says Schwartz. “In short, 10 Madison Avenue is a proven destination in a market poised for continued strong success.”
MORRISTOWN, NJ—National Business Parks purchased 10 Madison Avenue, an 87,000-square-foot, class A asset, from Morristown Holdings, a New Jersey company managed by WhiteStar Advisors, for $20 million. “This property and transaction provide an 'Exhibit A' illustration of Morristown's continued renaissance, and the resulting demand from investors and tenants that want to be part of walkable, transit-served live/work/play downtowns,” noted Cushman & Wakefield's Gary Gabriel, who orchestrated the transaction with Andrew Merin, David Bernhaut, Brian Whitmer and Andrew Schwartz.
The four-story boutique office building is located in downtown Morristown. The property is home to \
nine tenants, including
“National Business Parks capitalized on the opportunity to invest in an asset that offers cash flow stability and a history of attracting financial services and wealth management firms – indicative of the area's affluence,” says Schwartz. “In short, 10 Madison Avenue is a proven destination in a market poised for continued strong success.”
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