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HFF, Transwestern Arrange Boutique Office Sale in Morristown
HFF and Transwestern arranged the $5-million sale of 62 Elm St., a 20,000-gross-square-foot office building in downtown Morristown, NJ. The two firms marketed the property on behalf of not-for-profit Cornerstone Family Programs and procured the private buyer, who was not disclosed.
The HFF investment advisory team representing the seller included managing director Kevin O’Hearn, director Marc Duval, senior managing director Jose Cruz and senior directors Michael Oliver and Stephen Simonelli. Transwestern’s team was led by Dan Ligorner and Jim Postell.
“Not only was it great to sell a boutique, downtown asset in the highly desirable Morristown submarket, but very rewarding to successfully transact for a notable not-for-profit organization such as Cornerstone,” said O’Hearn. Cornerstone will consolidate with its affiliate, Neighborhood House, in a new Morristown location.
Ligorner added that the sale underscored “the broadening demand for quality in downtown Morristown, as well as the additive value of the HFF/Transwestern partnership.”
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- ◦Sale/Acquisition
