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MORRIS TWP., NJ-When the sale of the 139,000-sf office building at 465 South St. was reported last week, the seller’s brokers would only identify that entity as, “an unnamed client” represented by the Hartford-based Cornerstone Real Estate Advisors. Now, that seller has been identified as MassMutual.

And the sale price was not released, although industry sources had it tagged in the $20-million range. The final price has now been placed at $155 per sf, which factors out to approximately $21.5 million. All of the new information comes directly from the building’s new owners, the New York City-based Lawrence Zirinsky Associates, which acquired it through its Southgate Center Four Associates LLC affiliate.

“This is a very appropriate addition to our New Jersey holdings,” says company president John Zirinsky. “The building is located in a strategic business area and offers contemporary office space. Our firm and our management arm, National Business Parks, will continue to operate this property with the highest standards.”

And while much of Zirinsky’s New Jersey holdings are in the Princeton area, the latest acquisition is a fit for the firm. Located within the Southgate Corporate Center, it’s adjacent to two other Zirinsky-owned buildings, the 190,000-sf 435 South St., occupied by UPS, and the 210,000-sf 475 South St., entirely occupied by Atlantic Health System.

As reported here, the seller was represented by brokers from Cushman & Wakefield. Zirinsky was represented by National Business Parks’ COO Vincent Marano and the firm’s VP-finance, William Krauss.

The latest acquisition, a three-story building on 9.7 acres, comes with an upside. Approximately 50,000 sf, or 36% of its space, is vacant in the wake of a gradual pull-out by shipping giant Maersk. Remaining major tenants in the building are the accounting firm Withum, Smith & Brown, and Hamburg Sud North America Inc., a deep-sea freight transportation company.

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