Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MORRISTOWN, NJ-Rreef bought 1776 On the Green on behalf of an institutional client in July, and the new owner has now given the leasing agency to Cushman & Wakefield, East Rutherford. Heading the assignment are the firm’s Edward Duenas, Jeremy Neuer and Marc Graham. Also known as 67 Park Place East, it’s a 154,132-sf, 10-story office tower.

“It’s a great destination location,” Duenas says. “It’s well-suited for tenants in the legal and FIRE sectors–it’s within walking distance of the Morris County courthouse, and unlike many other buildings in the area, it is easily divisible for small and mid-size users.”

For the moment, at least, the building has limited space available, specifically, about 9,000 sf. The roster of current tenants includes the brokerage firm A.G. Edwards; Panalpina Inc., a global logistics company; and pharma giant Novartis. Built in 1973, it was originally occupied by AT&T.

As reported exclusively by GlobeSt.com, the building was acquired from Realty Associates Fund IV in a deal arranged by C&W’s Metropolitan Area Capital Markets Group. The sale price was not disclosed, but industry sources say it likely traded for a number in excess of $200 per sf, or a price tag in the $35-million range. It overlooks “the Green,” an acre of town-owned park in the CBD, and has on-site decked parking and mass transit access.

“Because further development or redevelopment is limited by historic structures, dense residential uses, parks and public spaces, the offering was a unique opportunity to acquire a niche asset on a competition-constrained location,” says C&W’s Gary Gabriel, who helped orchestrate the sale. “We received more than 145 bids and conducted multiple rounds of bidding.”

The property will also be getting some improvements, which have yet to be detailed by the new owner. “Rreef is committed to enhancing the property,” Duenas confirms.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.