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62 Elm St, Morristown, NJ, ...

Dan Ligorner Of Transwestern Represents Landlord In Lease At 62 Elm St Morristown NJ
LEASEDOffice

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

Dan Ligorner

JLL

Broker

2 deals

Broker

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