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N.J. tech center is acquired.

The Benenson Capital Company, one of the nation's oldest and most active privately-held real estate investment and development companies, acquired Morris Technology Center, a 256,750 SF office complex in Parsippany, N.J. The newly built institutional quality complex is 100% leased to a S&P rated AA credit tenant for a term of 15 years. The transaction was arranged, by Sonnenblick-Goldman Company, acting as the exclusive advisor to WP Commercial, L.L.C. The purchase price was $61.55 million or $240 per SF. Richard Kessler, chief operating officer of The Benenson Capital Company, made the announcement.

"Morris Technology Center represents a core asset for our portfolio, featuring a long-term lease to an AA-rated tenant, an outstanding property and a vital, thriving location," said James E. Stifel, chief investment officer of The Bensenson Capital Company.
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Publication:Real Estate Weekly
Geographic Code:1USA
Date:Jun 13, 2001
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