JLL Capital Markets sells 250,000 SF office building in Northern N.J.

MORRISTOWN, N.J., August 3, 2022 – JLL Capital Markets announced today that it has completed the sale of Westgate, a vacant, 250,000-square-foot office property in Basking Ridge, New Jersey.

JLL represented the seller, and procured the buyer, Edgewood Properties, who is actively seeking a tenant for the property.

Completed in 1991, Westgate previously served as the headquarters for Everest Reinsurance before they relocated to larger space at nearby Warren Corporate Center. The two-wing layout, each with separate entrance and elevator bank, with a dramatic full-height central lobby, provides a wide range of space flexibility. In addition, the four-story, granite-clad building features in-demand tenant amenities, including large private balconies, full-service cafeteria, modern fitness center, large terrace overlooking a picturesque fountain pond, conference room space, several generators, and a sprawling 34.6-acre site with manicured landscaping. Westgate also features a 116-space parking garage and plentiful surface parking.

The property is located at 477 Martinsville Rd. in the affluent community of Basking Ridge, which has an average household income of $212,127, and is home to a variety of major corporations and pharmaceutical companies as well as the Memorial Sloan Kettering Cancer Center next door. In addition, the immediate area surrounding Westgate is highly amenitized with numerous restaurants and cafes, national hotel chains, recreation and entertainment options. Westgate is also in close proximity to area highways, including Interstates 78 and 287 and Route 22, and to the Lyons N.J. Transit station providing connections to New York City and throughout the state.

The JLL Capital Markets team representing the seller was led by Senior Managing Directors Jose Cruz, Kevin O'Hearn and Sean Ryan, Managing Directors Steve Simonelli and Michael Oliver and Vice President Grace Braverman.

According to O’Hearn, “Westgate is a trophy asset which should benefit from the ‘flight-to-quality’ tenant trend we’re currently seeing in the market.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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