China Construction America, Inc., a subsidiary of one of the largest construction firms in the world, has purchased a new US headquarters space.
In the largest office acquisitions in New Jersey so far this year, the company paid $71 million for a 320,274 s/f, class A office building at 445 South Street in Morris Twp. The sale price equates to more than $221 psf.
Andrew Merin, Gary Gabriel, David Bernhaut and Brian Whitmer of Cushman & Wakefield’s Metropolitan Area Capital Markets Group (CMG) represented the seller. China Construction was represented by Geoff Schubert and Dorothy Chuang of CBRE.
“This transaction marks the largest single office building sale in New Jersey so far this year,” said Merin.
“It illustrates that well-located, well-tenanted, class A office buildings still attract a lot of attention in an office market that has continued to struggle.”
China Construction America, Inc. said it will use the property as corporate expansion space for the future.
The sale marks the first major acquisition for the company in New Jersey and its first major acquisition in the United States. “I’m very pleased with this acquisition and look forward to expending our real estate development and investment activity in the New York metropolitan area,” said Mr. Ning Yuan, resident of CCA.
The firm recently launched a real estate development platform focused on “well located properties” in metropolitan New York. Totaling 325,000 s/f, 445 South Street was built in 1982. Redesigned by Gensler Architecture in 2007, it incorporates three four-story wings and a tenant roster that includes The Travelers Indemnity Co. and Marsh USA.