A Millburn-based development firm has acquired the last of three neighboring office buildings in Somerset County, with plans to now market the properties as a 525,000-square-foot campus with shared amenities.
The firm, the Silverman Group, said Thursday it had purchased 106 Allen Road, in the Basking Ridge section of Bernards. The 133,000-square-foot building will join 150 and 110 Allen Road in a cluster that the company has branded as The Offices at Liberty Corner, located at Exit 33 of I-78.
In a news release, Silverman said it will make several improvements at its newest building, but tenants at each property will have access to facilities in other two, like a gym and conference space at 150 Allen Road. The property has 61,000 square feet of vacant space.
"Strategically we saw the acquisition of 106 Allen as a way to incorporate an office campus feel with shared amenities amongst all three buildings," Blake Silverman, the firm's president, said in a prepared statement.
Bill Brown and Ben Brenner, from Cushman & Wakefield's Morristown office, have been tapped to market and lease the new building, as they have for the other two. The news release said Silverman acquired 150 Allen Road in 2010 and 110 Allen Road in 2011; the firm has since filled both with tenants, leaving only about 11,000 square feet of vacancy in the latter.
The sale price was not disclosed.
Current tenants at the complex include Ace Insurance, Oracle, Regeneron Pharmaceuticals and Ipsen Biopharmaceuticals, the press release said.
Reporter Joshua Burd is @JoshBurdNJ on Twitter.