Three-building commercial campus formed in New Jersey

A three-building commercial campus has formed in New Jersey.

A private equity and real estate development organization has assembled a three-building Class A office campus in Basking Ridge, N.J.

The Silverman Group, which is a family-owned real estate organization, recently purchased the facility at 106 Allen Road in Basking Ridge to add to its two buildings nearby at 150 and 110 Allen Road. The trio of facilities will combine to form a 525,000-square-foot campus called The Offices at Liberty Corner.

Cushman & Wakefield's Bill Brown is leading the transaction with Ben Brenner of Cushman & Wakefield's Morristown office.

Current tenants at three-building campus include Wells Fargo, Ace Insurance, Oracle, Matheson Tri-Gas, Cornerstone Relocation Group, Regeneron Pharmaceuticals, Ipsen Biopharmaceuticals, Mylan Specialty L.P. and Fireman's Fund. 

"The Silverman Group recognized a terrific opportunity to continue its impressive track record at 106 Allen Road," Brown said. "The Offices at Liberty Corner and it's resulting full amenities package in a great suburban work setting – provide us with a new advantage as we work to fill that building."

Brown said each of the buildings will offer a new coffee and food kiosk, renovated common areas and additional building enhancements.

"Tenants will have access to the amenities in all three buildings, and The Silverman Group will continue to invest in services and upgrades throughout the property," Brown said. "Additionally, the campus is located in a great, upscale neighborhood, with retail, dining and hotels nearby."

The Silverman Group improving property, vacancy rates
The Silverman Group first bought the 150 Allen Road facility in 2010. The building has reached full occupancy since the purchase. The 190,000-square-foot location at 150 Allen Road features a fitness center and conference space. 106 Allen Road features 133,000 square feet of space.

"Strategically we saw the acquisition of 106 Allen as a way to incorporate an office campus feel with shared amenities amongst all three buildings," said Blake Silverman, president of The Silverman Group. "The Offices at Liberty Corner will provide a great work environment as well as an identity on the I-78 Office Corridor."

The 110 Allen Road building is the largest of the three facilities at 202,000-square-feet. Amenities include a second fitness center and a cafe. It was purchased by The Silverman Group in 2011 and now has just 11,000 square feet of vacant space.

There is currently 61,000 square feet of vacant space at 106 Allen Road. Cushman & Wakefield are trying to lease spaces from 2,000 square feet up to 40,000 square feet of open floor space.

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