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MORRISTOWN, NJ-Northeast Office Associates, a Trammell Crow Co. investment vehicle, has acquired Morristown Plaza, a 122,000-sf, two-building office complex at 161-163 Madison Ave. here. The seller was Morristown Plaza Associates LLC, a local group with its offices at the 163 Madison Ave. building.

The buyer was represented by Frank Truesdell, a TCC senior vice president in the firm’s Florham Park office. The seller was represented by Tom Skobo of Brounell and Kramer, Union. The sale price was not released.

The acquisition has an upside for the new owner. The six-story complex currently has about 30,000 sf of office space available, a number that will jump to approximately 65,000 sf as of Jan. 1. The availability includes what Truesdell, who will handle the building’s leasing and marketing effort with TCC colleague John Goodwin, terms “a rare contiguous block” of about 54,000 sf. The contiguous block is available in the 163 Madison Ave. building, and available space in the two-building complex in general is currently listed with an asking price of $31.50 per sf.

“These two office buildings have consistently commanded strong demand from some of the area’s firms, including law firms, professional and financial services companies and philanthropic organizations,” Truesdell says. Such firms will be the main target of the effort to fill the space currently available and the space hitting the market as of Jan. 1, he says.

“This is a very important acquisition for us,” says Jeffrey Goggins, managing director of development and investments for TCC’s Northeast region. “This transaction continues our expansion in the Northeast and it provides great benefits to our tenants and investors.”

The new owner is set to launch an upgrade of Morristown Plaza, which was built in the mid-1970s. The repositioning of the property is slated to include a new landscape plan and courtyard design, a café, fitness center and upgrades to all common areas, according to Truesdell. “With the planned repositioning and the desirability of the area, we expect strong demand for the asset,” he says.

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