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Cushman & Wakefield announces sales in Summit

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One Deforest Avenue in Summit.
One Deforest Avenue in Summit. - ()

Cushman & Wakefield’s chairmen Douglas Harmon and Adam Spies, and executive managing director Kevin Donner worked alongside vice chairman David Bernhaut and executive managing director Gary Gabriel in the sale of two office buildings in Summit.

The team is also currently under contract to sell a third office building at One Deforest Avenue.

The team represented the seller, Normandy Real Estate Partners and MRY Associates in the sale of 466 Springfield Ave. and 25 Deforest Ave. to an unnamed buyer. The three properties total 225,513 square feet.

“The owner of these buildings saw what investors were looking for and created a market that met their needs,” Donner said. “These transactions will not only have an uplifting impact on the surrounding Summit and Short Hills neighborhoods, but they also challenge suburban markets in other locations across the Tri-State to create similar Class A office markets in the near future to progress suburban office leasing capabilities.”

Financial terms for the transactions were not disclosed.

“Over the last five years, the owner of the three buildings has created a development mirroring exactly what investors are looking for,” Cushman & Wakefield said in a news release.

“They have created a Class A office market in a truly sub-urban, transportation rich location with NJ Transit’s Morris and Essex lines offering express rail service to Hoboken and Manhattan. With this transformation, the modernized buildings are attracting global top-tier companies, such as Boston Consulting Group and J.P. Morgan Chase, as tenants, as businesses are eager to take advantage of this rare Class A office leasing opportunity with evident value.”

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Mario Marroquin

Mario Marroquin

Mario Marroquin covers real estate. A native of El Salvador, Mario is bilingual in English and Spanish. He graduated from Penn State University and worked in Pennsylvania before moving to New Jersey. His email is mariom@njbiz.com.

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