JLL Capital Markets sells former Everest Re headquarters building at Basking Ridge in Edgewood

JLL Capital Markets sold Westgate, a vacant 250,000 square foot office building in Basking Ridge, to Edgewood Properties.

Completed in 1991, Westgate previously served as the headquarters of Everest Reinsurance before moving to larger space at the nearby Warren Corporate Center.

Located at 477 Martinsville Road, the property offers a two-wing layout, each with a separate entrance and elevator, with a spectacular full-height central lobby, which offers great flexibility of space. 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, several generators and a sprawling 34.6 acre site with manicured landscaping. Westgate also has a 116 car garage and plenty of surface parking.

The community of Basking Ridge has an average family income of $212,127 and is home to various large corporations and pharmaceutical companies, as well as the nearby Memorial Sloan Kettering Cancer Center. In addition, the immediate vicinity of Westgate is very well appointed, with many restaurants and cafes, national hotel chains, leisure and entertainment opportunities. Westgate is also close to area freeways, including Interstates 78 and 287 and Route 22, and Lyons 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.

“Westgate is a key asset that should benefit from the ‘flight to quality’ tenant trend that we are currently seeing in the market,” O’Hearn said.

Edgewood Properties is actively seeking a tenant for the property.