Pitcairn Buys 104,000-SF Office Complex

BASKING RIDGE, NJ-Pitcairn Properties has acquired the two-building, class A office complex at 180-188 Mt. Airy Rd. here. The complex totals 104,000 sf on 11 acres just off Interstate 287.

The deal was arranged on behalf of the seller, Transwestern Greenbrook, by Geoffrey Schubert, senior vice president of CB Richard Ellis in Saddle Brook. The sale price was not released.

“This purchase is a continuation of our Northern New Jersey strategy of acquiring value-add and opportunistic investments in well-located submarkets,” says Joseph L. Fox, EVP of the Jenkintown, PA-based Pitcairn. “This marks our second acquisition, following River Drive Center II in Elmwood Park We remain bullish on this market and look to increase our presence in the region.”

Pitcairn has also hired CBRE as exclusive leasing agent for the property, which is currently 58% occupied. Renovated in 2004, the buildings currently list Hartford Steam Boiler, Lightspeed Research and the Fannie E. Rippel Foundation on its tenant roster. Availabilities include 25,000 sf on the second floor of 188 Mt. Airy Rd., according to Schubert, and 18,000 sf at the 180 building.