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  MDC Adds 170,000 Sq. Ft. New Providence Building To Portfolio
  June 19, 2017
Real Estate NJ
By Joshua Burd
Orginal Article
   
 

Mountain Development Corp. has acquired a 170,000-square-foot office building in New Providence, adding a property in what is a high-end suburb and corporate destination.

In a news release, the firm announced its purchase of 41 Spring St., a one-story building that is home to tenants such as CR Bard, Interactions LLC, Linde North America and others. The property has about 30,000 square feet of available space, which the Woodland Park-based developer is now marketing in conjunction with CBRE.

Terms were not disclosed.

Geoffrey Schubert and Nick Savage of CBRE represented the buyer and seller in the transaction, the news release said. Jordan Roeschlaub of Newmark Knight Frank assisted MDC in securing financing.

"41 Spring Street's Union County address, in the heart of a desirable Northern New Jersey office market, makes this asset a very exciting addition to our portfolio," said Bill Martini, MDC's director of acquisitions. "The building's first-class creative space provides an excellent opportunity for companies in a range of industries looking to expand or relocate their operations in a premier transit-oriented environment."

Following the acquisition, MDC touted New Providence as a top corporate address and a home to top-ranked schools and a strong residential base. Other companies in town include Nokia and Bell Labs, LexisNexis and NJ Sharing Network, the federally certified organ procurement charity.

MDC's new acquisition is within walking distance of NJ Transit's Murray Hill train station and close to major highways such as Interstate 78, Route 24 and the Garden State Parkway. Amenities at 41 Spring Street include multiple loading docks, a newly renovated lobby, a remodeled fitness center, a full-service café and new electric car-charging stations

"This is a high-quality office building that has been upgraded with a host of state-of-the-art amenities. There is very little office product available of this caliber within this marketplace today," said Schubert, a senior vice president with CBRE. "Additionally, the remaining space available has its own exterior entrance, presenting a rare opportunity for companies looking to establish a high-profile identity with immediate accessibility to public transportation."