Cushman & Wakefield Arranges Sale Of 220 Davidson Avenue

Office Building Acquired by NextBridge Group. End Quote

Newark, NJ (1888PressRelease) July 09, 2010 - Cushman & Wakefield, Inc. has arranged the sale of 220 Davidson Avenue, a 164,000-square-foot, office building. Private equity fund manager, NextBridge Group LLC, based in Central New Jersey, acquired the asset from an institutional lender. Andrew Merin, David Bernhaut, Gary Gabriel and Thomas Walsh of Cushman & Wakefield's Metropolitan Area Capital Markets Group represented the seller and procured the buyer.

"This was a lender-owned property," said Gabriel. "It is a very opportunistic and logical buy for NextBridge, which owns a number of properties in that market, as well as diversified commercial real estate assets in various markets throughout the U.S. There were a number of competitive offers for the building, but NextBridge distinguished themselves and bought the property very attractively on a per-square-foot basis."

"We are happy to continue to deepen our relationship with Cushman & Wakefield. With 220 Davidson, we will continue our focus on supporting our commitment to the NJ entrepreneurial community, intending to provide extremely flexible space and support to the state's growing companies," said Mukesh M. Patel, managing director, NextBridge Group.

Healthcare IT provider McKesson Information Solutions is the primary tenant on a roster that includes the American Arbitration Association, Kyocera, Prudential, National Resources Conservation Services and SVM E-Business Solutions. Completed in 1984, the four-story asset features 40,435-square-foot floor plates and includes an on-site management office, cafeteria, and fitness centers.

Located on 10.1 acres just off I-287 in Central New Jersey's Somerset County, 220 Davidson Avenue recently underwent a renovation to its lobby, elevators and common areas. The site provides parking for 648 cars.

The Metropolitan Area Capital Markets Group specializes exclusively in real estate sales, joint ventures and financing in Northern New Jersey, Fairfield County, Conn.; and Long Island and Westchester County, N.Y. The team has completed more than $13.8 billion worth of transactions since 2000. Over the past four years, this included an average of $1.3 billion annually, reaching $2.7 billion in 2007.

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