Wall Street Journal: Suburban Office Building’s Makeover Pays Off

By Keiko Morris July 10, 2017

A joint venture that bought and refurbished a 1970s New Jersey office building has sold it for $98.5 million, about four times the amount the partnership invested.

In 2013, Rubenstein Partners L.P. and Onyx Equities LLC bought the building in Basking Ridge at 211 Mount Airy Rd. for $12.5 million from telecommunications firm Avaya Inc., said Rubenstein principal Stephen Card.

The joint venture embarked on an $11 million project to overhaul and modernize the building. Last year, the team signed a 16-year lease for the entire 306,000 square-foot building with pharmaceutical company Daiichi Sankyo Inc.