Exclusive: New Jersey Office Asset Lands $132M
A pharma company occupies the building,
SJP Properties has obtained a $132 million refinancing loan for the West Building within M Station at Morristown, according to Yardi Matrix information. PNC Bank provided the permanent note for the 260,000-square-foot, fully leased asset.
Previous financing included a $127 million construction loan from U.S. Bank, originated in August 2023, the data provider shows. The seven-story building came online last year.
Located at 100 Morris St., the mid-rise has access to Interstate 287 and is within the city center. Downtown Newark, N.J., is 22 miles away, while Lower Manhattan is 31 miles southeast.
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The Class A building sits on 3 acres and includes about 20,000 square feet of first-floor retail space. Built according to LEED standards, it is part of a two-phase campus comprising two buildings totaling 375,000 square feet. The office and innovation hub replaced an outdated retail strip center.
Sanofi fully occupies the West Building. Floorplates average 39,000 square feet. The campus also includes a parking garage and 50,000 square feet of outdoor public space.
Office loan originations continue to grow
Office loan originations rose 47 percent year-over-year, according to a Mortgage Bankers Association report, with only retail properties posting stronger annual growth. Quarter-over-quarter volume increased 23 percent, pointing to continued improvement in lending activity but at a more measured pace.
This momentum is likely to extend into the current quarter, as additional office financing deals continue to close. In July, Andalex Group obtained a $103 million note for a 276,000-square-foot medical office campus in Englewood Cliffs, N.J. RXR, Waterfall Asset Management and New York Life Investment Management issued the refinancing loan.
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