Piedmont Office Realty Trust has sold two Class A office buildings located in Northern New Jersey to an undisclosed buyer for a total that exceeds $100 million.
David Zimmel, president, Zimmel Associates, announced the sale of Nine Polito Avenue, a 268,000 s/f Class-A office building in Lyndhurst, and Two Gate Hall Drive, a 404,500 s/f Class-A office building in Parsippany.
Nine Polito sold for $50 million. The 10-story building, located at the intersection of Routes 3 and 17 near the New Jersey Turnpike, is known as Copper Ridge Center and has Polo Ralph Lauren Corporation as a lead tenant.
Two Gate Hall Drive, sold for $51 million. Gemini Technology Services, Inc., a subsidiary of Deutsche Bank AG, is the lead tenant.
Alex Chazkel, vice president Zimmel, quarterbacked the deal for a new client who needed to do a substantial 1031 exchange.
“There were few investment opportunities on the market that met the client’s criteria in dollar amount, property type and location. Alex did substantial research to put these deals together and found the right properties,ˮ added Zimmel.