Pitcairn adds Spring to its step

Real Estate Weekly, Nov 22, 2006

Pitcairn Properties has added 41 Spring Street in New Providence to its New Jersey portfolio in an acquisition coordinated by Cushman & Wakefield's Metropolitan Area Capital Markets Group. JP Morgan Investment Management was the seller.

Also known as Murray Hill Technology Center, 41 Spring Street is a 170,000 s/f, single-story office building located on 15 acres. The property is fully leased to three globally recognized, NYSE-listed tenants. Baxter Pharmaceutical occupies 85,000 s/f including offices and a state-of-the art R&D laboratory there. Unisys Corporation and Accenture are committed to the balance of the space.

"41 Spring Street has a strong history of tenant satisfaction and retention," said David Bernhaut, who orchestrated the sale with Metropolitan Area Capital Markets Group team members Andrew Merin, Gary Gabriel and Jose Cruz.