{"id":1004649894,"date":"2023-03-07T02:00:03","date_gmt":"2023-03-07T10:00:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004649894"},"modified":"2023-03-07T04:08:51","modified_gmt":"2023-03-07T12:08:51","slug":"adoni-property-group-buys-northern-new-jersey-office-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/adoni-property-group-buys-northern-new-jersey-office-campus\/","title":{"rendered":"Adoni Property Group Buys Northern New Jersey Office Campus"},"content":{"rendered":"
\"131<\/a>

131 Morristown Road. Image courtesy of Cushman & Wakefield<\/em><\/p><\/div>\n

Adoni Property Group<\/strong> has acquired a two-building, 216,573-square-foot office campus in Basking Ridge, N.J. Cushman & Wakefield<\/strong> represented the seller, listed by CommercialEdge as UBS Realty Investors<\/strong>, and procured the buyer. Following the transaction, the brokerage firm will also provide leasing services at the Class A property.<\/p>\n

CommercialEdge data also shows that the property previously traded for $50.3 million in 2002.<\/p>\n

Completed in 1984 at 131 Morristown Road, the campus comprises two two-story buildings that are connected through an enclosed walkway, as well as a landscaped courtyard. Amenities include an on-site cafeteria and fitness center. The property features 53,000-square-foot floorplates and a parking ratio of 1.2 spaces per 1,000 square feet.<\/p>\n

\n

READ ALSO: <\/strong>Office Leasing Strategies for the New Landscape<\/span><\/a><\/p>\n

\n

Situated on 34 acres adjacent to Interstate 278, the campus is a quick commute to and from many of Morris County\u2019s surrounding towns. Newark, Jersey City and Manhattan are 20, 26 and 29 miles away, respectively.<\/p>\n

The Cushman & Wakefield team acting on behalf of the seller was led by Executive Vice Chairman David Bernhaut, Vice Chairman Gary Gabriel, Executive Managing Director Kyle Schmidt, Executive Director Frank DiTommaso, Managing Director Andrew Schwartz, Director Jordan Sobel, Senior Associate Andre Balthazard and Senior Financial Analyst Bill Baunach. Executive Managing Director Charles Parmelli and Managing Director William O\u2019Keefe will serve as the property\u2019s leasing agents.<\/p>\n

Office market stability in the Garden State<\/h2>\n

Despite a slight slowdown in new leases alongside negatively trending net absorption, New Jersey\u2019s office market has held stable, according to data from a fourth quarter 2022 JLL report<\/a>. The state\u2019s average asking rent trended up to $29.49 per square foot, while tenants chose modern, amenity-driven offices, the report shows.<\/p>\n

Recent office leasing deals from around the state include Faropoint\u2019s 18,603-square-foot lease at Waterfront Corporate Center I<\/a> in Hoboken, as well as Manulife\u2019s welcoming two new tenants to 10 Exchange Place<\/a>, a 740,354-square-foot office tower in Jersey City.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cushman & Wakefield represented the seller and procured the buyer.<\/p>\n","protected":false},"author":3012,"featured_media":1004649896,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,10,21747],"tags":[51917,32799,39202],"class_list":["post-1004649894","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-northeast","category-office","tag-adoni-property-group","tag-cushman-wakefield","tag-ubs-realty-investors"],"acf":[],"yoast_head":"\nAdoni Property Group Buys New Jersey Office Campus - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Adoni Property Group has purchased a two-building office campus in Basking Ridge, N.J., from UBS Realty Investors.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/adoni-property-group-buys-northern-new-jersey-office-campus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Adoni Property Group Buys Northern New Jersey Office Campus\" \/>\n<meta property=\"og:description\" content=\"Adoni Property Group has purchased a two-building office campus in Basking Ridge, N.J., from UBS Realty Investors.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/adoni-property-group-buys-northern-new-jersey-office-campus\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-07T10:00:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-07T12:08:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/03\/131-Morristown-Road-e1678180264820.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"931\" \/>\n\t<meta property=\"og:image:height\" content=\"698\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gabriel Frank\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/adoni-property-group-buys-northern-new-jersey-office-campus\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/adoni-property-group-buys-northern-new-jersey-office-campus\/\",\"name\":\"Adoni Property Group Buys New Jersey Office Campus - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/adoni-property-group-buys-northern-new-jersey-office-campus\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/adoni-property-group-buys-northern-new-jersey-office-campus\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/03\/131-Morristown-Road-e1678180264820.jpg\",\"datePublished\":\"2023-03-07T10:00:03+00:00\",\"dateModified\":\"2023-03-07T12:08:51+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/cf1bfd2d6753f6ea305911ffd020862c\"},\"description\":\"Adoni Property Group has purchased a two-building office campus in Basking Ridge, N.J., from UBS Realty Investors.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/adoni-property-group-buys-northern-new-jersey-office-campus\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/adoni-property-group-buys-northern-new-jersey-office-campus\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/adoni-property-group-buys-northern-new-jersey-office-campus\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/03\/131-Morristown-Road-e1678180264820.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/03\/131-Morristown-Road-e1678180264820.jpg\",\"width\":931,\"height\":698,\"caption\":\"131 Morristown Rd. 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