One Centennial Plaza Trades for $11M
- Oct 12, 2016
By Irina Vrasmas
Piscataway, N.J.—Colliers International recently arranged the sale of One Centennial Plaza, a 245,106-square-foot, Class A office complex located in Piscataway. An Atlanta-based private equity group acquired the asset from California-based JH Snyder for $11 million.
Colliers’ Senior Managing Director Jacklene Chesler led marketing efforts on behalf of the owner, alongside Richard Madison, Jonathan Schlussel and Jack Callahan. Colliers International represented both the seller and the buyer in the transaction.
Completed in 1986 and renovated in 2011, One Centennial Plaza comprises two three-story office buildings and a 4,000-square-foot, three-story glass enclosed atrium. Further amenities include a recently renovated conference room, a full-service cafeteria and an outdoor picnic area.
The complex is currently 72 percent occupied by three credit tenants, including twice renewed tenant Johnson & Johnson, Ingersoll, and Paychex, who recently who recently signed a 30,000-square-foot lease.
“Middlesex County is the second most populous county in the State of New Jersey, and grew 12 percent between 2000 and 2015,” said Chesler in prepared remarks. “This above-average growth is a testament to the county’s staying power. Middlesex County has a deep and highly skilled labor pool that has attracted major corporate users.”
The property is situated just off Route 287 South, 3 miles from Bridgewater’s Commuter Rail, and in close proximity to 11 hotels as well as various restaurant options.
Image courtesy of Colliers International