TCC Gets Walton Building Assignment

PISCATAWAY, NJ-The new owner of the Walton Building, a 105,000-sf office building here, has hired a Trammell Crow Co. team to lease the asset. For TCC, senior vice presidents Frank Truesdell and Kenneth Flynn and senior associates Frederic Hyatt and John Goodwin in the firm’s Florham Park office will handle the exclusive assignment.

As reported by GlobeSt.com,242 Walton Partners LLC, a private investment group led by Summit-based businessman Birger Brinck-Lund, bought the building earlier this month from a trio of partners, including the New York-based Geometry Realty, Bergman Real Estate of Iselin and Grand Realty Group of Summit. The reported sale price was in the $10-million range.

At the time of sale, the building was listed on Bergman’s website with 14,000 sf available at an asking price of $18.50 per sf plus tenant electric. But the relocation of major tenant Qualcare to another nearby building has effectively made a total of 85,000 sf now available. The space is divisible to 2,500 sf, according to Truesdell.

The new ownership is also launching a capital improvement program. According to Brinck-Lund, that program will include upgraded common areas, new landscaping, new building signage and on-site food service. The building also has as-right zoning to facilitate the medical office segment of the market. Also part of the package is an adjacent undeveloped site.