Leading Real Estate Firm Represented Seller & Procured Buyer In Sale of Washington Plaza
Leading global commercial real estate services firm Colliers International Group Inc. announces that it has arranged the sale of Washington Plaza, a Class A office building located at 1551 South Washington Avenue in Piscataway, New Jersey, for $11,500,000. The nearly 200,000-square-foot, multi-tenant building benefits from close proximity to local amenities and immediate access to Interstate 287.
The four-story building was less than 50% occupied by eight tenants at the time of sale. The building has a diverse roster mix and the floorplates to accommodate both smaller and larger tenants. The building’s excellent floor design provides an abundance of natural light and a high window-to-floor ratio.
Colliers represented both the buyer and seller in the deal. The Colliers team consisted of members from their New Jersey office including the Capital Markets Team of Executive Managing Director Jacklene Chesler, Managing Director Matthew Brown and Senior Financial Analyst Frank Summers as well as the Leasing Team of Senior Managing Director Michael Tesser and Associate Ryan Haggerty.
“This was a true value-add investment opportunity,” said Chesler. “The current base of quality tenants possessed by the building, new ownership that is well versed in the Piscataway office market, and the positive fundamentals we are seeing within this submarket offer the right mix of ingredients that will lead to a successful repositioning of this asset as one of the premier office buildings in the market.”
The building is located in the thriving I-287 Corridor office submarket which is recognized as the most improved office submarket in the state. In addition to exceptional access to Interstate 287, the building is located near Routes 18, 27, 1, 22, 202 and 78. It is also easily accessible via the New Jersey Turnpike and the Garden State Parkway.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.
