JLL Capital Markets Sells 250,000 Square Foot Office Building in Northern New Jersey

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

Completed in 1991, Westgate previously served as the headquarters of Everest Reinsurance before moving to larger space at the nearby Warren Corporate Center. The two-wing layout, each with a separate entrance and bank of elevators, with a dramatic full-height central hall, provides a wide range of space flexibility. Additionally, the four-story, granite-clad building offers amenities tenants seek, including large private balconies, a full-service cafeteria, a modern fitness center, a large deck overlooking a scenic pond with a fountain, a conference room, multiple generators, and a sprawling 34.6-acre site with manicured landscaping. Westgate also has a 116 car garage and ample surface parking.

The property is located at 477 Martinsville Road. in the affluent community of Basking Ridge, which has an average household income of $212,127 and is home to various large corporations and pharmaceutical companies as well as the nearby Memorial Sloan Kettering Cancer Center. Additionally, the immediate area surrounding Westgate is very well appointed with numerous restaurants and cafes, national hotel chains, leisure and entertainment options. Westgate is also close to area freeways, including Interstates 78 and 287 and Route 22, and Lyons NJ Transit station offering 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 key asset that should benefit from the ‘flight to quality’ tenant trend that we are currently seeing in the market. »

JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s deep knowledge of the local market and global investors provides best-in-class solutions to its clients, whether it is sales and investment advisory, debt advisory, equity advisory or recapitalization . The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.

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