Dan Ligorner Of Transwestern Represents Landlord In Lease At 62 Elm St Morristown NJ
62 Elm St, Morristown, NJ, 07960
Building Size
—
Asset Type
Office
Closing
Nov 19, 2023
AI
A boutique office building located at 62 Elm St, Morristown, NJ, has achieved full occupancy following two long-term leases. The property, which spans 20,000 square feet, is now fully leased with New Vernon Capital and New Jersey Monthly signing 10-year leases for the first and third floors, respectively. The landlord is currently unknown.
Summary of transaction details:
- Property Type: Office Building
- Transaction Amount: Not specified
- Address: 62 Elm St, Morristown, NJ, 07960
- Market: Morristown
- Landlord's Representative: Dan Ligorner - Transwestern
- Tenant: New Vernon Capital and New Jersey Monthly
Dan Ligorner, Managing Director at Transwestern, successfully facilitated the assignment, transforming the building from vacant to fully occupied within a period of 24 months. New Vernon Capital, a global asset management firm, is relocating from Jersey City to this prime location near the Morristown train station and various major highways, enhancing accessibility for the tenants.
Players
Morristown Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93