Glenborough Acquires Chatham Executive Center in Northern New Jersey
03 March 2006 - 4:24AM
Business Wire
Glenborough Realty Trust (NYSE:GLB) (GLB PrA) announced the
acquisition of Chatham Executive Center for total consideration of
$17 million. The property consists of a three-story multi-tenant
office building with 63,346 rentable square feet located in the
Borough of Chatham, one of the most affluent suburban communities
in the New York Metropolitan area. Chatham Executive Center is
located at a full four way interchange on State Route 24, and
enjoys convenient access to Interstates 78 and 287, the Garden
State Parkway and New Jersey Turnpike. A designated rail station is
located seven blocks west which provides direct access to Midtown
Manhattan with New Jersey Transit's "Midtown Direct" train. Newark
International Airport, the 6th largest passenger airport in the
world, is a 15-minute drive from the property. Chatham was named
One of the Top Ten Places to Live in the United States by "Money
Magazine" in 2005. Area amenities include excellent shopping
facilities and restaurants available along Chatham's Main Street,
and nearby in downtown Madison and Summit, as well as at the
Livingston and Short Hills Malls and Hickory Tree Shopping Center
in Chatham Township. The Mall at Short Hills is regarded as one of
the premiere malls in the United States. Nearby hotel
accommodations include the 300-room Hilton Short Hills -- opposite
the Mall at Short Hills -- rated by AAA as a Five Diamond hotel.
Andrew Batinovich, President and CEO commented, "We are building
our presence in one of our core markets with high quality assets
like Chatham Executive Center in prime locations. We are continuing
to redeploy capital from our dispositions in the Midwest to further
focus our portfolio in our top markets." Glenborough is a REIT
which is focused on owning high quality, multi-tenant office
properties concentrated in Washington, D.C., Southern California,
Boston, Northern New Jersey, and Northern California. The Company
has a portfolio of 48 properties encompassing approximately 9
million square feet as of December 31, 2005.
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