Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW PROVIDENCE, NJ-Pitcairn Properties has added a 170,000-sf New Jersey office building to its portfolio. The Jenkintown-based company has joined forces with its German-based equity partner, SEB Immodilien-Investment GmbH to buy 41 Spring St., also known as Murray Hill Technology Center, from JP Morgan Investment Management. The sale price was not released, but industry sources put the number in the $30- to 35-million range.

“The building has a strong history of tenant retention,” says David Bernhaut of Cushman & Wakefield’s Metropolitan Area Capital Markets Group, who orchestrated the deal with C&W colleagues Andrew Merin, Gary Gabriel and Jose Cruz. “It is located in a prestigious corporate market and benefits from the region’s historically strong economic growth, transportation infrastructure and labor pool. These attributes drew significant interest from the investment community.”

Located in the Murray Hill section of this township, 41 Spring St. is a single-story office building on 15 acres near I-78. It’s currently 100% leased to three NYSE-listed tenants, led by Baxter Pharmaceutical, which occupies 85,000 sf, utilizing its space as a combination of offices and an R&D lab. The other half of the building is divided between Unisys Corp. and Accenture. The site itself is surrounded by a combination of residential, retail and restaurant uses.

With the acquisition, Pitcairn now has more than $1 billion in assets, including 4.7 million sf of class A office space on the East Coast. The company now has more than 400,000 sf of office and industrial space in New Jersey, plus a 33-acre development site in Ridgefield Park. For its part, SEB is a $5.5-billion German open-end real estate mutual fund.

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
  • 1 free article* every 30 days across the ALM subscription network
  • 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
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.