$22.5M Purchase of Morristown Buildings Expands Atlantic Health System Portfolio

Atlantic Health System, which owns Morristown Medical Center and a handful of other New Jersey hospitals, has expanded its footprint thanks to a mega-deal that acquires more than 100,000 square-feet of building space.

With the help of Colliers International, AHS has purchased the properties at 55 Madison Avenue and 101 Madison Avenue, both across the street from the county’s most used hospital.

The total acquisition comes in at $22.5 million, Colliers said in a statement. The property at 55 Madison Avenue offers 89,000 square-feet, and the property at 101 Madison Avenue offers 39,000 square-feet, and was renovated in 2008.

“Our expansion within Morristown demonstrates our continued commitment to the area,” said Robert Peake, Director of Real Estate Facilities and Construction at Atlantic Health System, in a statement. “We look forward to expanding our platform and continuing to provide best-in-class healthcare services to the community.”