CBRE Arranges $53.6M Acquisition Loan for Office Building in Morristown, New Jersey
MORRISTOWN, N.J. — CBRE has arranged a $53.6 million loan for the acquisition of 445 South Street, a 320,274-square-foot office building in Morristown, located west of Newark. James Gunning, Donna Falzarano and Kyle Saviano of CBRE sourced the financing through Morgan Stanley to finance the sponsor’s prior all-cash acquisition of the property. The borrower was Strategic Real Estate LLC. The building is leased to tenants such as Travelers Insurance, Covanta Energy Corp. and Arch Reinsurance Co., and offers amenities such as a outdoor basketball court, a fitness center, two conference rooms and a full-service cafeteria.