Investor Buys 3rd Office Building to Establish 'Offices at Liberty Corner'

A Short Hills investor has purchased a third office building in a complex off Allen Road in Basking Ridge, and is assembling a 525,000-square-foot campus that will be known as The Offices at Liberty Corner.

The Silverman Group, a privately held equity and real estate development organization from Short Hills, in mid-July purchased 106 Allen Road, located near exit 33 off Interstate 78, according to a news release from Cushman & Wakefield. Cushman & Wakefield already had been exclusive leasing agent for Silverman’s 150 and 110 Allen Road, within the same office campus, and now has been retained to market The Offices at Liberty Corner.

“Strategically we saw the acquisition of 106 Allen as a way to incorporate an office campus feel with shared amenities amongst all three buildings. The Offices at Liberty Corner will provide a great work environment as well as an identity on the I-78 Office Corridor,” said Blake Silverman, president of The Silverman Group.

Signage will be placed on the property rebranding the new office campus. A new sign with the rebranded name and a new logo are expected be placed alongside Allen Road within the next few weeks, said Toby Nelson, leasing agent Silverman.

As well as access to major highways, Nelson said, "Basking Ridge has great housing, as well as eateries...and local businesses around the corner."

Nelson said the new investors intend to upgrade the building, categorized as Class A office space, with amenities such as a new cafe and possibly a new gym. 

"I am happy to hear what they are doing there — it's a major investment," said Bernards Township Committeeman John Malay.

"Bernards Township is a great environment for business because of the quality of life and...convenience to highways and rail lines," Malay said.

The three Class A buildings off Allen Road were developed in a cluster, creating an opportunity for shared services and amenities, said Cushman & Wakefield’s Bill Brown, who is heading the assignment with Ben Brenner of the commercial real estate services firm’s Morristown office.

Tenants already at The Offices at Liberty Corner include Ace Insurance, Oracle, Matheson Tri-Gas, Regeneron Pharmaceuticals, Ipsen Biopharmaceuticals, Cornerstone Relocation Group, Wells Fargo, Mylan Specialty L.P. and Fireman’s Fund, according to Cushman & Wakefield. 

Like each of the other buildings, the 133,000-square-foot building at 106 Allen Road will offer a new coffee/food kiosk, renovated common areas and many more building improvement, the Cushman & Wakefield release said.

The 190,000-square-foot 150 Allen Road also has a fitness center and conference space and is completely leased, Nelson said.

The investors and Cushman & Wakefield now will focus on marketing 106 Allen Road and 110 Allen Road, he said. A second fitness center is planned as well as café upgrades is planned at 202,000-square-foot 110 Allen Road, he said.

The campus will feature new park signage throughout, the release said.

“Tenants will have access to the amenities in all three buildings, and The Silverman Group will continue to invest in services and upgrades throughout the property,” Brown said. “Additionally, the campus is located in a great, upscale neighborhood, with retail, dining and hotels nearby.”

The Silverman Group initially purchased 150 Allen Road in 2010 and brought that building to full occupancy. Similarly, the company has driven vacancies down to just 11,000 square feet at 110 Allen Road, which it purchased in 2011, according to Cushman & Wakefield.

The leasing agent is marketing 61,000 square feet of vacant space at 106 with various units ranging from 2,000 square feet up to a full floor of 40,000 square feet available immediately, according to Cushman & Wakefield.

 “The Silverman Group recognized a terrific opportunity to continue its impressive track record at 106 Allen Road,” Brown said. “The Offices at Liberty Corner and it’s resulting full amenities package in a great suburban work setting – provide us with a new advantage as we work to fill that building.” 

On a larger scale, Malay said he has been working with the Somerset County Business Partnership to encourage the refurbishing and marketing of Class A office buildings constructed along the Route 287 and I-78 built in the 1980s and 1990s, Malay said. Vacancy rates at some of those buildings has been climbing, Malay said. 

More information about Cushman & Wakefield, Inc. is online.

The Silverman Group is family owned, and is invested in more than six million square feet of office, industrial, retail, multi-family and aviation properties throughout the United States, Cushman & Wakefield said.

Nelson said Silverman has office investments throughout New Jersey, with a focus on the northern part of the state.

More about The Silverman Group is online.