JLL Capital Markets sells former Everest Re HQ building in Basking Ridge to Edgewood

JLL Capital Markets sold Westgate, a vacant, 250,000-square-foot office property in Basking Ridge, to Edgewood Properties.

Completed in 1991, Westgate previously served as the headquarters for Everest Reinsurance before it relocated to larger space at nearby Warren Corporate Center.

Located at 477 Martinsville Road, the property offers a two-wing layout, each with separate entrance and elevator bank, with a dramatic full-height central lobby, which provides a wide range of space flexibility. In addition, the four-story, granite-clad building features in-demand tenant amenities, including large private balconies, full-service cafeteria, modern fitness center, large terrace overlooking a picturesque fountain pond, conference room space, several generators and a sprawling 34.6-acre site with manicured landscaping. Westgate also features a 116-space parking garage and plentiful surface parking.

The community of Basking Ridge has an average household income of $212,127 and is home to a variety of major corporations and pharmaceutical companies, as well as the Memorial Sloan Kettering Cancer Center next door. In addition, the immediate area surrounding Westgate is highly amenitized, with numerous restaurants and cafes, national hotel chains, recreation and entertainment options. Westgate is also in close proximity to area highways, including Interstates 78 and 287 and Route 22, and to the Lyons Transit station providing connections to New York City and throughout the state.

The JLL Capital Markets team representing the seller was led by Senior Managing Directors Jose Cruz, Kevin O’Hearn and Sean Ryan, Managing Directors Steve Simonelli and Michael Oliver and Vice President Grace Braverman.

“Westgate is a trophy asset which should benefit from the ‘flight-to-quality’ tenant trend we’re currently seeing in the market,” according to O’Hearn.

Edgewood Properties is actively seeking a tenant for the property.