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94% Occupied Office with Nearly $2M NOI 300 Executive Dr 130,000 SF 94% Leased Office Building Online Auction Sale West Orange, NJ 07052
INVESTMENT HIGHLIGHTS
- Executive Hill Building is 94% occupied and anchored by GEICO, Ampersand, and Bierman, alongside a well-diversified base of smaller tenants.
- Prime investment as only three tenants occupy 10K SF, with each of the other 16 tenants occupying 4.3K on average, limiting vacancy risk.
- Affluent area with 37.6% of households earning over $200,000 per year and 66% of residents holding at least a bachelor’s degree within 1 mile.
- Optimally located near I-280 and the recently renovated Essex Green Shopping Center, a main retail and lifestyle hub in Essex County.
- Tenant industries vary from legal, telecommunications, insurance, finance, and medical, limiting exposure to any one industry's volatility.
- Built-in upside with many leases featuring below market rent with a building average rent of $23.49 PSF versus $25.50 market rent.
EXECUTIVE SUMMARY
300 Executive Drive has undergone a substantial capital improvement plan over the past five years to establish its position as a best-in-class asset. The three largest tenants, GEICO (19,506 square feet), Ampersand (13,056 square feet), and Bierman Autism Centers (10,824 square feet), collectively occupy approximately 36% of the rentable area. The balance of the rent roll is well-diversified across smaller tenants, supported by robust leasing activity post-COVID, including 14 new leases signed since the beginning of 2022, demonstrating its strong demand.
Additional income streams from rooftop cell tower leases and other ancillary revenues further strengthen the property's financial profile. In-place net operating income is $1,857,156.
MATTERPORT 3D TOURS
DATA ROOM Click Here to Access
- Purchase Agreement
MARKET ANALYTICS Click Here to Access
PROPERTY FACTS
AMENITIES
- Conferencing Facility
- Courtyard
- Fitness Center
- Food Service
- Pond
- Property Manager on Site
SPACE AVAILABILITY
- SPACE
- SIZE
- SPACE USE
- CONDITION
- AVAILABLE
300 Executive Drive is a 129,296 square foot office property located in the heart of the new Essex Green development in West Orange. Located immediately adjacent to a brand new development of luxury townhomes, shopping with tenants like Macy's and Shop Rite, and dining. The location is adjacent to the Prospect Ave interchange of Interstate 280, and only 15 minutes to Newark Airport, 20 minutes to New York City and 10 minutes to downtown Newark. The building has newly renovated lobby and common area spaces. It also features a tenant lounge with a complimentary breakfast bar, television lounge, library, private conference areas and huddle rooms, billiards, and ping pong.
300 Executive Drive is a 129,296 square foot office property located in the heart of the new Essex Green development in West Orange. Located immediately adjacent to a brand new development of luxury townhomes, shopping with tenants like Macy's and Shop Rite, and dining. The location is adjacent to the Prospect Ave interchange of Interstate 280, and only 15 minutes to Newark Airport, 20 minutes to New York City and 10 minutes to downtown Newark. The building has newly renovated lobby and common area spaces. It also features a tenant lounge with a complimentary breakfast bar, television lounge, library, private conference areas and huddle rooms, billiards, and ping pong.
| Space | Size | Space Use | Condition | Available |
| Lower Level | 1,821 SF | Office | Partial Build-Out | 30 Days |
| 1st Floor | 6,421-12,944 SF | Office | Full Build-Out | Now |
Lower Level
| Size |
| 1,821 SF |
| Space Use |
| Office |
| Condition |
| Partial Build-Out |
| Available |
| 30 Days |
1st Floor
| Size |
| 6,421-12,944 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
Lower Level
| Size | 1,821 SF |
| Space Use | Office |
| Condition | Partial Build-Out |
| Available | 30 Days |
300 Executive Drive is a 129,296 square foot office property located in the heart of the new Essex Green development in West Orange. Located immediately adjacent to a brand new development of luxury townhomes, shopping with tenants like Macy's and Shop Rite, and dining. The location is adjacent to the Prospect Ave interchange of Interstate 280, and only 15 minutes to Newark Airport, 20 minutes to New York City and 10 minutes to downtown Newark. The building has newly renovated lobby and common area spaces. It also features a tenant lounge with a complimentary breakfast bar, television lounge, library, private conference areas and huddle rooms, billiards, and ping pong.
1st Floor
| Size | 6,421-12,944 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | Now |
300 Executive Drive is a 129,296 square foot office property located in the heart of the new Essex Green development in West Orange. Located immediately adjacent to a brand new development of luxury townhomes, shopping with tenants like Macy's and Shop Rite, and dining. The location is adjacent to the Prospect Ave interchange of Interstate 280, and only 15 minutes to Newark Airport, 20 minutes to New York City and 10 minutes to downtown Newark. The building has newly renovated lobby and common area spaces. It also features a tenant lounge with a complimentary breakfast bar, television lounge, library, private conference areas and huddle rooms, billiards, and ping pong.
ABOUT SUBURBAN ESSEX/RT 280
Located about halfway between Parsippany and Newark, Suburban Essex County offers a dynamic office market surrounded by many of New Jersey’s highest-income and most educated communities, along with access to the region’s high-quality labor pool. The inventory is largely concentrated in Roseland, Fairfield, Livingston, and East Hanover.
Larger properties in Suburban Essex County are typically in locations with excellent highway access. Major routes running through this area include Interstate 80, Interstate 280, and U.S. 46. Highway access allows for easy commutes for northern New Jersey residents and manageable drives to nearby cities. Midtown Manhattan is about an hour’s drive away, and Philadelphia is about two hours away. The Morristown and Montclair-Boonton lines on New Jersey Transit also run along the boundaries of this area.
Office tenants here are spread throughout several locations and industries. Numerous insurers and banks have large offices in Suburban Essex County, while several law firms are also headquartered here. The submarket often sees high levels of investment volume, with buyers particularly attracted to the area’s rent growth and tenant base.
DEMOGRAPHICS
Demographics
SALE ADVISORS
SALE ADVISORS
Jordan Sobel, Director
Since joining the Private Client Group, Jordan has been involved in more than $1 billion of property sales comprising over 4 million square feet. Jordan’s tenacity and work ethic has consistently delivered superior results for his clients.
Prior to joining the Capital Markets Group, Jordan was a Land Acquisition Analyst at K. Hovnanian Homes. There he assisted the Acquisition team with the evaluation on current and potential acquisitions.
Andrew Schwartz, Managing Director
Since joining the Capital Markets Group, Andrew has been involved in more than $500 million of property sales comprising over 5.7 million square feet. Prior to that, he worked on Wall Street for 20 years serving institutional clients at Abel Noser and Morgan Stanley. Previous to that, he was with Cushman & Wakefield as an office and industrial leasing broker.
Andre Balthazard, Sr. Associate
Daniel Bottiglieri, Senior Associate - Capital Markets
ABOUT THE AUCTION TECHNOLOGY
AUCTION CONTACT
CONTACTS
-
Jordan Sobel -
Andrew Schwartz -
Andre Balthazard -
Daniel Bottiglieri -
Cushman & Wakefield
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94% Occupied Office with Nearly $2M NOI | 300 Executive Dr
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94% Occupied Office with Nearly $2M NOI | 300 Executive Dr
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