Jones Lang LaSalle

$17M Takes 63,000-SF Office Building
By Eric Peterson
Last updated: March 3, 2006 10:58am

CHATHAM, NJ-Glenborough Realty Trust has acquired the 63,346-sf Chatham Executive Center here, paying $17 million, or more than $268 per sf for the class A asset. The three-story building is located at a full four-way interchange of State Route 24.

“We are building our presence in one of our core markets with assets like this in prime locations,” says Andrew Batinovich, president and CEO of the San Mateo, CA-based Glenborough. “We are continuing to redeploy capital from our dispositions in the Midwest to further focus our portfolio in our top markets.”

Glenborough bought the building located at 26 Main St. from the Millburn, NJ-based Pinnacle Commercial LLC, which itself had acquired it in late 2002 from Wellsford/Whitehall Holdings. The latter, now part of Archon, had redeveloped the building in 1996, repositioning it from class B to class A.

Glenborough now owns nearly 50 properties totaling some nine million sf. The REIT continues to focus on the Washington, DC, Northern and Southern California, Boston and Northern New Jersey markets.