China Construction America Inc. announced this month that it has purchased 445 South Street in Morris Township, New Jersey for roughly $71 million. The property was previously purchased in 2005 by Advance Real Estate for $30.2 million, then renovated for another $25 million in 2007, according to a Realty Today report. Andrew Merin, Gary Gabriel, David Bernhaut and Brian Whitmer with Cushman & Wakefield's capital markets group represented the seller. Geoffrey Schubert and Dorothy Chuang with CBRE represented the buyer.
"It indicates that well-located, well-tenanted, class A office buildings still attract a lot of attention in an office market that has continued to struggle," said Andrew Merin of Cushman & Wakefield's Metropolitan Area Capital Markets Group.
Constructed in 1982, the 320,000 square-foot property comprises of three four-floor wings, connected by a two story atrium. The building is 88% leased so far, and among the four tenants signed on will be The Travelers Indemnity Co. and Marsh USA, said Merin. China Construction might occupy part of the building, which is leased mainly to insurance-company tenants, said Phillip Gesue, who joined China Construction last year to lead its U.S. real estate operations.
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