$14M Takes 92,000-SF Office

FAIRFIELD, NJ-The 92,000-sf office building at 30 Two Bridges Rd. here has been sold for $14 million, which works out to $152 per sf. The seller is an affiliate of GHP Office Realty, the White Plains-based office building division of Houlihan-Parnes/iCap Realty Advisors. The buyer is Marcon-Fairfield LLC, a local group.

“Marcon has acquired a prime multi-tenanted office building,” says a spokesman for GHP. “It provides strong in-place credit cash flow as well as future upside potential from the lease-up of vacant space.”

Built in 1986, the three-story asset was 90% leased at the time of sale. Major tenants include New England Life Insurance Co., Vanguard Dealer Services and the law firm Marie Ann Greenberg Esq.

Andrew Greenspan and James Schwartz of GHP Office Realty arranged the deal for seller GHP Two Bridges Delaware LLC, and attorney Michael Lynch of Lynch and Associates was counsel. The buyer was represented by Brad Thoubboron of MRH Real Estate Services Inc. of Lodi.