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Cushman & Wakefield Inks $20M Trade of 10 Madison Ave. in Morristown, N.J.

| April 26, 2016 | 0 Comments

10 Madison Morristown

Cushman & Wakefield of New Jersey, Inc.
One Meadowlands Plaza
East Rutherford, New Jersey 07073

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Media Contact: Evelyn Weiss Francisco: evelyn@caryl.com / (201) 796-7788 / www.twitter.com/carylcomm

MORRISTOWN, N.J., April 27, 2016 – Cushman & Wakefield’s Metropolitan Area Capital Markets Group has inked the $20 million sale of a boutique office building located in the heart of bustling downtown Morristown. National Business Parks purchased 10 Madison Avenue this month from Morristown Holdings, LLC, a New Jersey limited liability company managed by WhiteStar Advisors, LLC. The 87,000-square-foot, Class A asset is fully occupied.

“This property and transaction provide an ‘Exhibit A’ illustration of Morristown’s continued renaissance, and the resulting demand from investors and tenants that want to be part of walkable, transit-served live/work/play downtowns,” noted Cushman & Wakefield’s Gary Gabriel, who orchestrated the transaction with Andrew Merin, David Bernhaut, Brian Whitmer and Andrew Schwartz.

The four-story property is home to nine tenants, including Morgan Stanley, AXA Equitable, Northwestern Mutual and Valley National Bank. Built in 1980 and renovated in 2005, 10 Madison Avenue offers tenants highly functional space in a crossroads location at the confluence of I-287, Rt-202, Rt-24, Madison Avenue and Park Avenue.

“National Business Parks capitalized on the opportunity to invest in an asset that offers cash flow stability and a history of attracting financial services and wealth management firms – indicative of the area’s affluence,” Schwartz said. “In short, 10 Madison Avenue is a proven destination in a market poised for continued strong success.”

Based in East Rutherford, N.J., Cushman & Wakefield’s Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., Pennsylvania, and Delaware. The team has completed $21.7 billion worth of transactions since 2000, closing on $2.0 billion in 2015.

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About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenues of $5 billion across core services of agency leasing, asset services, capital markets, facility services (branded C&W Services), global occupier services, investment & asset management (branded DTZ Investors), project & development services, tenant representation and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

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Category: Cushman & Wakefield of New Jersey, News Releases, Newswire: Latest News

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