Strategic Real Estate secures $53.6m to buy New Jersey offices

Strategic Real Estate has secured a $53.6m loan to finance the acquisition of an office building in Morristown, New Jersey. CBRE sourced the funding through Morgan Stanley with a 10-year, interest-only loan. Totaling 320,274 sq ft, the property includes an outdoor basketball court, a full-service cafeteria, a training center and two common area conference rooms. Tenants include Travelers Insurance, Covanta Energy Corporation, Marsh USA and Arch Reinsurance Company.

“We were retained on an exclusive basis to source competitive financing options on behalf of our client, Strategic Real Estate,” said James Falzarano, vice president of CBRE. “Given the quality of the asset, its credit-rated tenant roster and strength of the sponsorship, several large capital providers competed heavily. Morgan Stanley offered the most competitive terms available with minimal required structure at very attractive pricing.”