GHP Acquires 97,000-SF Fairfield Office Building

FAIRFIELD, NJ-As part of a corporate real estate divestiture program, United Properties Group, a division of United Water Co., has sold 30 Two Bridges Rd., a 97,000-sf office building here, to GHP Office Realty of White Plains, N.Y.

The sale marks the last property to be sold by the water utility in what had been an ongoing property divestiture program. Bradley F. Thoubboron, managing director of MRH Real Estate Services of Lodi, N.J. was a broker in the transaction. No purchase price for the property was reported by GHP Office Realty officials. Others involved in the deal include: James Houlihan, a principal of Houlihan/Parnes ICAP, who arranged the financing of the purchase; Ray Cohen of Chicago Title who provided title search services in the transaction and Mike Lynch of Lynch & Associates who provided legal representation for GHP Office Realty.

Andrew Greenspan, managing partner of GHP Office Realty, says that the 30 Two Bridges Rd. property was approximately 85% leased at the time of purchase.

“We continue to expand our portfolio and the availability of this well-located property was an opportunity we could not pass up,” he says. “This deal also allows us to enter a market where we have been trying to obtain a foothold for some time.”

Greenspan relates that the building, which features a two-story indoor atrium and covered parking, offers easy access to the Garden State’s major roadways including I-80 and Route 46 and is across the street from the Willowbrook Mall and other shopping venues in nearby Wayne, N.J.

GHP is currently in negotiations with several new and existing tenants to lease between 8,000 sf to 9,000 sf of the total 12,350 sf of available space at the building.

The deal brings the company’s office portfolio in New Jersey to approximately 500,000 sf of office space.

“We have two other buildings under contract in the State of New Jersey that we expect to close on in early 2003,” Greenspan adds.

Major tenants at 30 Two Bridges Rd. include New England Life Insurance Co., which recently renewed its lease of approximately 30,000 sf, John J. Scura II, a bankruptcy court trustee, who leases approximately 8,500 sf and SEPPIC, Inc., a chemical wholesaler, which has a 6,500-sf office.