A limited liability company has acquired a 139,000-square-foot office property in Morris Township, N.J., for an undisclosed price.
Southgate Center Four Associates LLC, a newly formed entity controlled by the Zirinsky family, purchased the class A facility from an unidentified entity.
Located at 465 South St., the three-story, brick-clad building sits on 9.7 acres within Southgate Corporate Center, offering covered parking, a cafe and a saw-tooth window design that allows up to 30 corner offices per floor. A central full-height glass atrium lobby with spiral staircase separates the building into two wings.
At the time of purchase, the property was 64 percent leased to seven office tenants. The sizeable vacancy was created by “the gradual departure of a large tenant,” according to a press statement.