Major Commercial Property in Hanover Township Changes Hands in Off-Market Deal

A prominent office building formerly occupied by MetLife Investment Management has been purchased by a private buyer, marking a significant real estate transaction in Morris County.

In a noteworthy development in Morris County's real estate scene, Ravine Development Co. LLC has completed the sale of a substantial office property in Hanover Township. The deal, brokered by JLL, involved a nearly 155,000-square-foot building located at 10 Park Ave, which was acquired by an undisclosed buyer through an off-market transaction.

The property, known for being the former headquarters of MetLife Investment Management, encompasses 8.69 acres at the strategic intersection of Columbia Turnpike, just off Route 24 and approximately three miles from Interstate 287. This location positions the office building advantageously within the region’s bustling business corridor.

The office building, constructed 23 years ago, features three stories and spans a total of 154,777 square feet, offering ample space for potential business and corporate uses. The transaction was facilitated by JLL’s capital markets investment sales and advisory team, which worked in close coordination with their leasing team to secure the sale. The team led by Vice Chairman Dan Loughlin included senior managing directors Jeremy Neuer and Jose Cruz, executive vice president Charlie Dillon, managing director Bob Ryan, director Ryan Robertson, and senior analyst Pranav Patel.

Details regarding the terms of the sale remain undisclosed, highlighting the private nature of this significant commercial real estate transaction. The acquisition of such a prominent property underscores the ongoing interest and confidence in the economic landscape of Morris County, particularly in the commercial real estate sector.

This property's strategic location and its considerable size make it a notable acquisition in the local market, reflecting broader trends in the region’s development and the attractiveness of Morris County as a hub for business and investment. The new ownership stands to benefit from the building’s prime positioning and the continued growth of the surrounding area.