{"id":1004181235,"date":"2017-06-20T06:48:10","date_gmt":"2017-06-20T14:48:10","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004181235"},"modified":"2017-06-20T06:48:10","modified_gmt":"2017-06-20T14:48:10","slug":"mountain-development-grabs-premier-office-building-in-nj","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mountain-development-grabs-premier-office-building-in-nj\/","title":{"rendered":"Mountain Development Grabs Premier Office Building in NJ"},"content":{"rendered":"<p>By Corina Stef<\/p>\n<div id=\"attachment_1004181236\" style=\"width: 333px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/new-prov.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004181236\" data-attachment-id=\"1004181236\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/mountain-development-grabs-premier-office-building-in-nj\/new-prov\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/new-prov.jpg\" data-orig-size=\"1200,900\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"41 Spring St., New Providence, N.J.\" data-image-description=\"&lt;p&gt;41 Spring St., New Providence, N.J. &lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;41 Spring St., New Providence, N.J. &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/new-prov.jpg?w=1024\" class=\"wp-image-1004181236\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/new-prov.jpg\" alt=\"41 Spring St., New Providence, N.J. \" width=\"323\" height=\"242\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/new-prov.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/new-prov.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/new-prov.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/new-prov.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 323px) 100vw, 323px\" \/><\/a><p id=\"caption-attachment-1004181236\" class=\"wp-caption-text\">41 Spring St., New Providence, N.J.<\/p><\/div>\n<p>Mountain Development Corp. (MDC) has added 170,000 square feet to its portfolio by <a href=\"https:\/\/www.commercialsearch.com\/news\/mack-cali-sheds-nj-office-asset\/\">purchasing an office building<\/a> in New Jersey\u2019s Union County. The sale was backed by a $13.8 million acquisition loan funded by Prime Finance Partners, public records show. According to Yardi Matrix, the company acquired the property from Pitcaim Properties, which paid $31 million for it in 2006. CBRE Senior Vice President Geoffrey Schubert and Nick Savage arranged the transaction on behalf of both parties, while Newmark Knight Frank\u2018s Jordan Roeschlaub assisted the owner in securing the financing.<\/p>\n<p>The property is located at 41 Spring St., in New Providence, N.J., and it originally served as an industrial building. It was constructed in 1979 and was converted to office in 1997.<\/p>\n<p>Amenities include:<\/p>\n<ul>\n<li>A recently renovated lobby and fitness center<\/li>\n<li>16-foot ceiling heights<\/li>\n<li>A full-service caf\u00e9<\/li>\n<li>New electric car charging stations<\/li>\n<li>Private business entrances<\/li>\n<li>Multiple loading docks<\/li>\n<li>Reimagined landscape<\/li>\n<\/ul>\n<p>The asset offers easy access to New Jersey Transit Murray Hill station, routes 78 and 24, the Garden State Parkway, New Jersey Turnpike, Newark Liberty International Airport and New York City. Nearby amenities include stores, restaurants, sports clubs and hotels.<\/p>\n<h2>Versatile spaces<\/h2>\n<p>MDC will handle property management, and the firm has selected a CBRE team fronted by Schubert to provide leasing services. The building\u00a0offers 30,000 square feet of vacant available space, divisible to 10,000 square feet and suited to meet the needs of corporate, technology, laboratory and high-tech manufacturing firms. The rest of the space is occupied by tenants such as CR Bard, Interactions LLC, Linde North America and TRC Environmental Corp.<\/p>\n<p>\u201c<em>41 Spring St.\u2019s Union County address, in the heart of a desirable Northern New Jersey office market, makes this asset a very exciting addition to our portfolio,\u201d<\/em> MDC Director of Acquisitions Bill Martini said in a prepared statement. \u201c<em>The building\u2019s 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.<\/em>\u201d<\/p>\n<p><em>Image courtesy of\u00a0Mountain Development Corp.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The firm has expanded its local footprint with the acquisition of a 170,000-square-foot, Class A office asset in New Providence, N.J. , which was previously owned by Pitcaim Properties.<\/p>\n","protected":false},"author":241,"featured_media":1004181236,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,1600,21742,10,21747],"tags":[32789,34745,36007,36279],"class_list":["post-1004181235","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-cbre","tag-mountain-development-corporation","tag-newmark-knight-frank","tag-pitcaim-properties"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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