Commercial real estate firm Mountain Development Corp. announced it has purchased a 170,000-square-foot Class A office building in New Providence.
CBRE’s Geoffrey Schubert and Nick Savage represented the buyer and seller at 41 Spring St.
“41 Spring St.’s Union County address, in the heart of a desirable northern New Jersey office market, makes this asset a very exciting addition to our portfolio,” Mountain Development Director of Acquisitions Bill Martini said. ““The building’s first-class creative space provides an excellent opportunity for companies in a range of industries looking to expand or relocate their operations in a premier transit-oriented environment.”
Financial terms were not disclosed. Mountain Development said Jordan Roeschlaub of Newmark Knight Frank assisted the firm in securing financing.
The property is located within walking distance of NJ Transit’s Murray Hill Station and has proximal access to Interstate 78, Route 24, the Garden State Parkway and New Jersey Turnpike. The property is also located 20 minutes from Newark Liberty International Airport and 28 miles from New York City.
CBRE will continue to market the building’s remaining 30,000 square feet of space. Tenants include CR Bard, Interactions LLC, Linde North America and TRC Environmental Group, to name a few.
“This is a high-quality office building that has been upgraded with a host of state-of-the-art amenities; there is very little office product available of this caliber within this marketplace today,” Schubert said. “Additionally, the remaining space available has its own exterior entrance, presenting a rare opportunity for companies looking to establish a high-profile identity with immediate accessibility to public transportation.”