Colliers, a diversified professional services and investment management company, announced the sale of Edison Square West, a Class A office building at 2035 Lincoln Highway in Edison, on behalf of seller Friendwell Management USA LLC, for $11.7 million, or about $119 per square foot.
Marketed in partnership with Ten-X, an online commercial real estate auction platform, the 98,566-square-foot property ultimately traded through a negotiated pre-auction sale. The transaction was led by Vice Chair Jacklene Chesler, Senior Vice President Patrick Norris and Transaction Manager Brittany Leventoff.
At the time of sale, Edison Square West offered investors a value-add opportunity, with about 17,000 square feet of immediate vacancy and an additional 13,000 square feet anticipated to become available following the largest tenant’s planned downsizing this year.
Combined with its location along Route 27 within one of Central New Jersey’s most established business corridors, the asset attracted attention from private and institutional investors seeking both in-place income and future upside.
“The sale of Edison Square West underscores the power of strategic positioning, broad market exposure, an...