Innovation Update
One Liberty Buys Parsippany Building
TSC Staff
09/16/05 - 03:44 PM EDT
One Liberty Properties (OLP Quote) acquired a Parsippany, N.J., office building for $30 million in cash.
The Great Neck, N.Y., real estate investment trust said the property was acquired as replacement property in connection with a 1031 tax-deferred exchange. Part of the purchase price was paid using proceeds from the previous sale of unused air rights on property in the New York City borough of Brooklyn.
One Liberty said the Parsippany building is 106,000 square feet, situated on 10.5 acres and net leased on a long-term basis to DSM Nutritional Products.
"This property is a well located office building net leased to a high-quality tenant on a long-term basis and complements our existing portfolio of net leased properties," said CEO Fredric H. Gould.
On Friday, One Liberty rose 15 cents to $20.60.