Jones Lang LaSalle

Former Water Company HQ Sells for $2M
By Eric Peterson
Last updated: December 12, 2005 10:55am

HADDON HEIGHTS, NJ-500 Grove Associates LLC, a locally based development group, has acquired the 31,000-sf former headquarters of New Jersey American Water at 500 Grove St. The Voorhees-based subsidiary of American Water sold the asset for what is described by company officials as “more than $2.4 million,” or about $78 per sf.

The transaction was arranged by Jason Wolf of Colliers Lanard & Axilbund of Philadelphia. The buyer plans to renovate the site and bring it to market as a multi-tenant office building. American Water itself has leased back 4,700 sf within the building, and officials of the new ownership say they have lease commitments pending for another 11,000 sf.

The sale was part of American Water’s plan to consolidate its operations in the region, according to company officials. Some of the its employees based here will be relocated to a 55,000-sf office building at Woodcrest Corporate Center in Cherry Hill that the company leased just this past September. The balance of the positions will be moved to the Voorhees headquarters location.