First Mile Capital Acquires 340 Mount Kemble Avenue Office Building In Morristown For $118.5M

The office building located at 340 Mount Kemble Avenue in Morristown features a total square footage of 439,059 and was sold for $118,500,000, resulting in a price per square foot of $270. The property is identified as Class A and is currently 94.5% leased after undergoing a $50 million renovation, which included enhancements such as a new glass façade and upgraded HVAC systems, as well as amenities like a cafeteria, fitness center, and conference facility.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $118,500,000
• Buyer: First Mile Capital
• Seller: Jonathan Schultz - Onyx Equities; PCCP
• Brokers: Andrew Merin, Bill Baunach, David Bernhaut, Frank DiTommaso & Gary Gabriel - Cushman & Wakefield
• Lender: Societe Generale
• Mortgage Broker: Brad Domenico - Cushman & Wakefield

The transaction involved First Mile Capital, which is an affiliate of Crown Acquisitions, purchasing the property from Onyx Equities and PCCP. The deal was facilitated by Cushman & Wakefield, which played a key role in brokering the transaction along with providing mortgage brokerage services through Brad Domenico.