Morristown Office Building Sells For $20 Million

MORRISTOWN, N.J. – A recognizable commercial building on Madison Avenue in Morristown recently sold for a cool $20 million, switching from Morristown Holdings, LLC to National Business Parks.

The building at 10 Madison Avenue, which includes 87,000 square-feet, is fully occupied, according to Cushman & Wakefield’s Metropolitan Area Capital Markets Group, which inked the deal.

“This property and transaction provide an ‘Exhibit A’ illustration of Morristown’s continued renaissance, and the resulting demand from investors and tenants that want to be part of walkable, transit-served live/work/play downtowns,” said Cushman & Wakefield’s Gary Gabriel, who orchestrated the transaction with Andrew Merin, David Bernhaut, Brian Whitmer and Andrew Schwartz.

Built in 1980, the four-story property is home to nine tenants, including Morgan Stanley, AXA Equitable, Northwestern Mutual, and Valley National Bank.