X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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?

GlobeSt

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.