National Business Parks has signed a $20 million deal to buy an office building in downtown Morristown, N.J. At the time of closing the four story 87,000 sqf, Class A asset was fully occupied with major tenants including Morgan Stanley, AXA Equitable, Northwestern Mutual and Valley National Bank. Cushman & Wakefield’s Metropolitan Area Capital Markets Group was responsible for putting the deal together. “National Business Parks capitalized on the opportunity to invest in an asset that offers cash flow stability and a history of attracting financial services and wealth management firms,” said Andrew Schwartz, Cushman & Wakefield. “In short, 10 Madison Avenue is a proven destination in a market poised for continued strong success.”
