X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ROSELAND, NJ-Jeffrey Dunne, Kevin Welsh and Christopher Leonard of CB Richard Ellis’ New York Institutional Group represented ownership in the sale of 425 Eagle Rock Ave. here for $17.5 million. Glenn B. Dulmage of MRH Real Estate Services Inc. represented the buyer, a private investor. The building, being sold by Principal Life Insurance, is known as a “lawyer destination” property because it houses a number of legal practices.

The 128,034-square-foot class A office property was constructed in 1987 and features a marble and glass clad exterior, landscaping and a four-story atrium entrance. The current rent roll is anchored largely by tenants in the law, insurance and accounting industries.

According to Dunne, “425 Eagle Rock Ave. offers the purchaser a quality mix of tenants, stable cash flow and a balanced lease rollover in the future. As a result, they should fare well in the long-term with their new investment. By marketing to the broadest mix of office buyers, CBRE was able to identify the ideal local private buyer and deliver the best execution for ownership.”

The New Jersey Society of CPAs renewed its lease in late April and two law firms–Post, Polak, Goodsell, MacNeill & Strauchler PA and Zeller and Strulowitz LLP–recently renewed space here.

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
  • 1 free article* every 30 days across the ALM subscription network
  • 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 © 2021 ALM Media Properties, LLC. All Rights Reserved.