The requested news item does not exist. Please return to News
Firm sells 25,000-SF building on nearly five acres of land to Erickson Living
PARSIPPANY, NJ, May 1, 2013 — Jones Lang LaSalle has completed the sale of the 25,000-square-foot 460 Mountain Avenue in Murray Hill, N.J., for Linde LLC, a member of The Linde Group. The world-leading gases and engineering company sold the property to Erickson Living, developer and manager of continuing care retirement communities, for an undisclosed amount.
The seller, Linde LLC, was represented by Dan Loughlin and Jim Medenbach, managing directors, both with JLL. The buyer, Erickson Living, was represented by Kenneth Lundberg, senior vice president, with NAI James E Hanson.“Linde tapped Jones Lang LaSalle to sell the building and surrounding land at 460 Mountain Avenue as the firm no longer had plans for the property,” said Loughlin. “This was a terrific opportunity for a discriminating investor, given the site is located adjacent to Route 78 and directly across from the famous Bell Labs.”
The 25,000-square-foot 460 Mountain Avenue is located on approximately five acres of land at the intersection of Mountain Avenue and Glenside Road in Murray Hill, N.J. The one-story building includes a lower-level space of approximately 1,500 square feet. The world-leading gases and engineering company owned the property for approximately 60 years.
JLL is a leader in the New York tri-state commercial real estate market, with more than 1,750 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services. In 2011, the New York tri-state team completed approximately 15.9 million square feet in lease transactions, arranged capital markets transactions valued at $1.57 billion, managed projects valued at more than $6.8 billion, and oversaw a property and facilities management portfolio of 63.6 million square feet and an agency leasing portfolio of 49.8 million square feet.
About The Linde GroupThe Linde Group is a world-leading gases and engineering company with around 62,000 employees in more than 100 countries worldwide. In the 2012 financial year, Linde generated revenue of EUR 15.280 bn (USD 19.9 bn). The strategy of the Group is geared towards long-term profitable growth and focuses on the expansion of its international business with forward-looking products and services. Linde acts responsibly towards its shareholders, business partners, employees, society and the environment – in every one of its business areas, regions and locations across the globe. The company is committed to technologies and products that unite the goals of customer value and sustainable development.
About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. Its investment management business, LaSalle Investment Management, has $47.0 billion of real estate assets under management. For further information, visit www.jll.com.
George Shea, Mark Faris - Shea Communications