A Class A office building along one of Central New Jersey's busiest business corridors has a new owner, and the deal closed before the property ever hit the auction block. Colliers announced the sale of Edison Square West at 2035 Lincoln Highway in Edison for $11.7 million, a price that works out to roughly $119 per square foot for the 98,566-square-foot building.
The sale, reported by ROI-NJ, came together as a negotiated pre-auction transaction, short-circuiting a planned online sale process on the Ten-X platform. Colliers represented seller Friendwell Management USA, LLC, a hospitality and commercial property operator that had kept its own primary corporate office directly inside the building, in Suite 2150, according to Friendwell Management. That online auction had originally been scheduled to run from August 10 to August 12 before Colliers negotiated the earlier sale, per the Mid-Atlantic Real Estate Journal.
Even with a chunk of preempted auction drama, the marketing campaign generated serious interest. The report notes that Colliers and Ten-X collected more than 130 executed confidentiality agreements and conducted 11 property tours before the pre-auction offer came in strong enough to end the process early. The deal also included a $1 million non-refundable deposit upon execution of the purchase and sale agreement.
A Building With Deep Roots on Route 27
Edison Square West sits along Route 27 in one of Central New Jersey's established business corridors. Built in 1986 and renovated in 2008, the three-story building includes a full-height atrium and ample surface parking, according to a LoopNet listing. The property is part of the larger four-building Edison Square mixed-use campus, which is anchored by the 169-room Crowne Plaza Hotel and Conference Center, per Crexi.
Before the sale, the building maintained an 83% occupancy rate across 21 tenants, with average tenant tenure exceeding six years and a weighted average lease term remaining of roughly four years, per the same Crexi listing. Tenants there include global IT and AI services provider LTM Limited, formerly known as LTIMindtree, and the Orthopaedic Institute of Central Jersey, according to IBM's partner directory. Still, the building carried about 17,000 square feet of immediate vacancy, with another 13,000 square feet expected to open up after its largest tenant's planned downsizing, ROI-NJ reported.
Edison's Office Market Bucks a Regional Slump
That vacancy — and the room to backfill it — lines up with broader trends in the local submarket. The building's vacant floors could give the new owner potential upside.
Colliers Vice Chair Jacklene Chesler said the sale reflected strategic positioning, broad market exposure and disciplined execution, and added that the marketing strategy maximized value and created certainty in the investment environment, ROI-NJ reported. The Colliers transaction team also included Transaction Manager Brittany Leventoff and Senior Vice President Patrick Norris.
Sellers Now Shoulder a Bigger Tax Bill
The deal also included a tax-related compromise: the Edison Square West buyer and seller agreed to split the mansion tax and transfer tax equally, per ROI-NJ.
Onyx Equities has also been associated with an Edison Square property, according to Onyx Equities. With the sale now complete, Edison Square West's next chapter will hinge on whether its new owner can lease up the remaining vacant space at the submarket's strong asking rents.
