20B — July 14 - 27, 2017 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey
EWPROVIDENCE, NJ — Full-service real estate develop- Roeschlaub of Newmark Grubb Knight Frank assists MDC in securing financing Mountain Development acquires 41 Spring Street in New Providence N
ented professional families. The Borough is home to such prominent businesses as tele- com giant Nokia/Bell Labs; publishing leader Lexis/Nexis and the federally-certified organ procurement charity, NJ Sharing Network. The well-situated prop- erty – home to a roster of high-quality tenants – is conveniently located within walking distance of NJ Tran- sit’s Murray Hill station and in proximity to several major highways including routes 78 and 24, the Garden State
Parkway and the New Jer- sey Turnpike. The property is close to the borough’s dy- namic downtown business district, just 20 minutes from Newark Liberty Internation- al Airport and about 28 miles west of New York City. “41 Spring St.’s Union County address, in the heart of a desirable Northern New Jersey office market, makes this asset a very exciting addition to our portfolio,” said Bill Martini, MDC’s director of acquisitions. “The building’s first-class creative space provides an excellent opportunity for companies in a range of industries looking to expand or relocate their op- erations in a premier transit- oriented environment.” Geoffrey Schubert and Nick Savage of CBRE rep- resented the buyer and seller in the transaction. Jordan Roeschlaub of Newmark Grubb Knight Frank as- sisted MDC in securing fi- nancing. 41 Spring St. offers a host of sought-after tenant ameni- ties including multiple load- ing docks; a newly renovated lobby; a remodeled fitness center with locker rooms; a full-service café; new electric car-charging stations; private business entrances; conve- nient parking and an outdoor patio/seating area. The build- ing’s property management team provides a personalized approach towards anticipat- ing tenant requirements and supporting the businesses’ operational needs. Tenants include: CR Bard; Interactions, LLC., Linde North America; and TRC Environmental Corp. MDC is managing the property and has retained CBRE as the building’s exclusive leas- ing agent. Schubert, CBRE’s senior vice-president, is head- ing this key assignment. “This is a high-quality of- fice building that has been upgraded with a host of state- of-the-art amenities. There is very little office product avail- able of this caliber within this marketplace today,” said Schubert. “Additionally, the remaining space available has its own exterior entrance, presenting a rare opportunity for companies looking to es- tablish a high-profile identity with immediate accessibility to public transportation.” n
ment company Mountain Development Corp. (MDC) has announced the acquisi- tion of 41 Spring St., a 170,000 s/f single-story class A office property in New Providence. The newest addition to the MDC portfolio is situated in an elite corporate community. New Providence is a hub for diversified industries and its top-ranked school system and charming residential districts are a magnet for tal-
41 Spring St.
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