{"id":1004667192,"date":"2023-06-09T07:08:16","date_gmt":"2023-06-09T15:08:16","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004667192"},"modified":"2023-06-09T07:08:18","modified_gmt":"2023-06-09T15:08:18","slug":"pentaurus-acquires-new-jersey-office-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pentaurus-acquires-new-jersey-office-campus\/","title":{"rendered":"Pentaurus Acquires New Jersey Office Campus"},"content":{"rendered":"
\"Morristown<\/a>

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

Pentaurus Properties <\/strong>has closed on the acquisition of Morristown Plaza, a two-building, 122,103-square-foot office campus in Morristown, N.J. Cushman & Wakefield <\/strong>arranged the $21.5 million transaction on behalf of the seller, The Silverman Group<\/strong>.<\/p>\n

The campus’ tenant roster includes Lyons & Associates, Morristown Workplaces and Beacon Trust, according to CommercialEdge information. The two buildings were 92 percent occupied at the time of the sale.<\/p>\n

\n

READ ALSO<\/strong>: How Much Are Office REITs Weighing Down the Sector?<\/a><\/p>\n

\n

The property also includes a PNC Bank branch with drive-thru services. Additionally, the office campus features a combination of both surface and covered parking, along with a recently upgraded amenity center. On-site amenities<\/a> include a full-service cafe, a fitness center and a shared conference facility, all of which have been renovated.<\/p>\n

Situated at 161-163 Madison Ave., the park is 2 miles from downtown Morristown and has direct access to Interstate 287. The buildings are also close to the Morristown Transit Station, offering New York City connections.<\/p>\n

Cushman & Wakefield Executive Vice Chairs Gary Gabriel and David Bernhaut, Executive Director Frank DiTommaso, along with Senior Financial Analyst Bill Baunach and Financial Analyst Maia Sirabian, with support from the team\u2019s Private Capital Group of Managing Director Andy Schwartz, Director Jordan Sobel and Associate Andre Balthazard, represented the seller in the transaction.<\/p>\n

Earlier this year, the same team represented Adoni Property Group in the acquisition of a two-building, 216,573-square-foot office campus<\/a> in Basking Ridge, N.J.<\/p>\n

New Jersey office vacancy rates continue to rise in 2023<\/h2>\n

Following an upward trend in the second half of 2022, the office vacancy rate in Northern and Central New Jersey continued to rise in early 2023, according to a first-quarter JLL<\/strong> report. The vacancy rate approached 26.0 percent, an increase from 24.5 percent at the end of 2022.<\/p>\n

The vacancy rate recorded upward pressure due to reduced leasing activity and an increase in vacant spaces resulting from consolidations, the same source shows. The higher vacancy rate in the first quarter was primarily driven by a negative net absorption of more than 1.8 million square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"

Morristown Plaza traded almost fully occupied. <\/p>\n","protected":false},"author":3030,"featured_media":1004667195,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1600,21742,10,21747],"tags":[32799,40338],"class_list":["post-1004667192","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-cushman-wakefield","tag-the-silverman-group"],"acf":[],"yoast_head":"\nPentaurus Acquires New Jersey Office Campus - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Pentaurus Properties closed on the acquisition of Morristown Plaza, a two-building, 122,103-square-foot office campus in Morristown, N.J.\" \/>\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\/pentaurus-acquires-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=\"Pentaurus Acquires New Jersey Office Campus\" \/>\n<meta property=\"og:description\" content=\"Pentaurus Properties closed on the acquisition of Morristown Plaza, a two-building, 122,103-square-foot office campus in Morristown, N.J.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/pentaurus-acquires-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=\"2023-06-09T15:08:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-09T15:08:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Morristown-Plaza.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2944\" \/>\n\t<meta property=\"og:image:height\" content=\"2208\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Raluca Toma\" \/>\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\/pentaurus-acquires-new-jersey-office-campus\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/pentaurus-acquires-new-jersey-office-campus\/\",\"name\":\"Pentaurus Acquires New Jersey Office Campus - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pentaurus-acquires-new-jersey-office-campus\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pentaurus-acquires-new-jersey-office-campus\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Morristown-Plaza.jpg\",\"datePublished\":\"2023-06-09T15:08:16+00:00\",\"dateModified\":\"2023-06-09T15:08:18+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/1e908d9381f3929d1d57f95e4db8c529\"},\"description\":\"Pentaurus Properties closed on the acquisition of Morristown Plaza, a two-building, 122,103-square-foot office campus in Morristown, N.J.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pentaurus-acquires-new-jersey-office-campus\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/pentaurus-acquires-new-jersey-office-campus\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pentaurus-acquires-new-jersey-office-campus\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Morristown-Plaza.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Morristown-Plaza.jpg\",\"width\":2944,\"height\":2208,\"caption\":\"Morristown Plaza. Image courtesy of Cushman & Wakefield\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pentaurus-acquires-new-jersey-office-campus\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Pentaurus Acquires New Jersey Office Campus\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/1e908d9381f3929d1d57f95e4db8c529\",\"name\":\"Raluca Toma\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/RalucaToma_AuthorPhoto2-1.jpg?w=90\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/RalucaToma_AuthorPhoto2-1.jpg?w=90\",\"caption\":\"Raluca Toma\"},\"description\":\"Raluca Toma is an associate editor with Multi-Housing News and Commercial Property Executive and has a background in marketing and public relations. She joined the team in 2022 and has since been responsible for creating news pieces on the latest transactions, trends and topics in the real estate industry. You can reach Raluca at raluca.toma@cpe-mhn.com or connect with her on LinkedIn at https:\/\/bit.ly\/3KF1FJr.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/raluca-toma\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Pentaurus Acquires New Jersey Office Campus - Commercial Property Executive","description":"Pentaurus Properties closed on the acquisition of Morristown Plaza, a two-building, 122,103-square-foot office campus in Morristown, N.J.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/pentaurus-acquires-new-jersey-office-campus\/","og_locale":"en_US","og_type":"article","og_title":"Pentaurus Acquires New Jersey Office Campus","og_description":"Pentaurus Properties closed on the acquisition of Morristown Plaza, a two-building, 122,103-square-foot office campus in Morristown, N.J.","og_url":"https:\/\/www.commercialsearch.com\/news\/pentaurus-acquires-new-jersey-office-campus\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2023-06-09T15:08:16+00:00","article_modified_time":"2023-06-09T15:08:18+00:00","og_image":[{"width":2944,"height":2208,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Morristown-Plaza.jpg","type":"image\/jpeg"}],"author":"Raluca Toma","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/pentaurus-acquires-new-jersey-office-campus\/","url":"https:\/\/www.commercialsearch.com\/news\/pentaurus-acquires-new-jersey-office-campus\/","name":"Pentaurus Acquires New Jersey Office Campus - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/pentaurus-acquires-new-jersey-office-campus\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/pentaurus-acquires-new-jersey-office-campus\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Morristown-Plaza.jpg","datePublished":"2023-06-09T15:08:16+00:00","dateModified":"2023-06-09T15:08:18+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/1e908d9381f3929d1d57f95e4db8c529"},"description":"Pentaurus Properties closed on the acquisition of Morristown Plaza, a two-building, 122,103-square-foot office campus in Morristown, N.J.","breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/pentaurus-acquires-new-jersey-office-campus\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/pentaurus-acquires-new-jersey-office-campus\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/pentaurus-acquires-new-jersey-office-campus\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Morristown-Plaza.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Morristown-Plaza.jpg","width":2944,"height":2208,"caption":"Morristown Plaza. Image courtesy of Cushman & Wakefield"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/pentaurus-acquires-new-jersey-office-campus\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Pentaurus Acquires New Jersey Office Campus"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/1e908d9381f3929d1d57f95e4db8c529","name":"Raluca Toma","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/RalucaToma_AuthorPhoto2-1.jpg?w=90","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/RalucaToma_AuthorPhoto2-1.jpg?w=90","caption":"Raluca Toma"},"description":"Raluca Toma is an associate editor with Multi-Housing News and Commercial Property Executive and has a background in marketing and public relations. She joined the team in 2022 and has since been responsible for creating news pieces on the latest transactions, trends and topics in the real estate industry. You can reach Raluca at raluca.toma@cpe-mhn.com or connect with her on LinkedIn at https:\/\/bit.ly\/3KF1FJr.","url":"https:\/\/www.commercialsearch.com\/news\/author\/raluca-toma\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Morristown-Plaza.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004667192","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/3030"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004667192"}],"version-history":[{"count":3,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004667192\/revisions"}],"predecessor-version":[{"id":1004667211,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004667192\/revisions\/1004667211"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004667195"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004667192"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004667192"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004667192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}