PISCATAWAY, NJ-The 73,868-sf office building at 45 Knightsbridge Rd. here has been sold for $3.4 million, or about $46 per sf. The seller was ArCap REIT Inc. and the buyer was an investment group headed by Alexander Fishbeyn. Adam Silver and Wayne L. Kasbar Sr. of the Edison office of Grubb & Ellis arranged the deal for the seller.

The G&E brokers will continue to have a hand in the building, which is currently 100% vacant. New owner Fishbeyn is planning to convert the building into 22 office condos with office suites for sale beginning at 1,381 sf. “It offers an opportunity to the professional and business owner in the area to own their office instead of rent,” Silver says. “The new owner will be making improvements, including the lobby, new signage, landscaping and parking lot.”

Located within a corporate park with such neighbors as AT&T and American Standard, the building was formerly occupied by communications-software provider Telcordia. Built in 1979 and last renovated in 1997, the asset went vacant when Telcordia relocated to a larger building nearby.

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