Diversified Amenities of Class A Office Building Designed for Mixed-Tenant Use
NEW PROVIDENCE, N.J., June 15, 2017 – Full-service real estate development company Mountain Development Corp. (MDC) has announced the acquisition of 41 Spring Street, a 170,000-square-foot single-story Class A office property in New Providence. The newest addition to the MDC portfolio is situated in an elite corporate community.
New Providence is a hub for diversified industries and its top-ranked school system and charming residential districts are a magnet for talented professional families. The Borough is home to such prominent businesses as telecom giant Nokia/Bell Labs; publishing leader Lexis/Nexis and the federally-certified organ procurement charity, NJ Sharing Network.
The well-situated property – home to a roster of high-quality tenants – is conveniently located within walking distance of NJ Transit’s Murray Hill station and in proximity to several major highways including routes 78 and 24, the Garden State Parkway and the New Jersey Turnpike. The property is close to the borough’s dynamic downtown business district, just 20 minutes from Newark Liberty International Airport and about 28 miles west of New York City.
“41 Spring Street’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,” said Bill Martini, MDC’s director of acquisitions. “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.”
Geoffrey Schubert and Nick Savage of CBRE represented the buyer and seller in the transaction. Jordan Roeschlaub of Newmark Grubb Knight Frank assisted MDC in securing financing.
Unique Features Attract Diversified Commercial Occupancy
41 Spring Street offers a host of sought-after tenant amenities including multiple loading docks; a newly renovated lobby; a remodeled fitness center with locker rooms; a full-service café; new electric car-charging stations; private business entrances; convenient parking and an outdoor patio/seating area. The building’s property management team provides a personalized approach towards anticipating tenant requirements and supporting the businesses’ operational needs.
Tenants include: CR Bard; Interactions, LLC., Linde North America; and TRC Environmental Corp. MDC is managing the property and has retained CBRE as the building’s exclusive leasing agent. Schubert, CBRE’s senior vice-president, is heading this key assignment.
CBRE currently is marketing the building’s remaining 30,000 square feet of space, divisible to 10,000 square feet. The well-designed corner floor plan is characterized by ceiling heights of up to 16 feet, making it well-suited for a variety of users from corporate, to technology-based firms to laboratory and high-tech manufacturing. The office space is airy, with windows affording views of meticulously landscaped grounds. The remaining space also has separate utility metering and connects to the newly designed, chic lobby.
“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,” said Schubert. “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.”
Mountain Development Corp. (MDC) is a full-service real estate company with over 30 years of experience developing, acquiring, constructing, repositioning, managing, leasing and operating commercial property. MDC is an active acquirer of a broad range of opportunistic and value-added real estate investments capable of generating attractive, risk-adjusted returns for both its principals and equity partners. Active throughout the Northeast, MDC’s accomplished staff includes in-house development, accounting, property management, construction, leasing and marketing professionals, enabling the company to operate autonomously and deliver expeditious, successful results.