Cushman & Wakefield Closes New Jersey Office Sale
- Sep 25, 2020
Cushman & Wakefield has brokered the sale of a 168,144-square-foot office property in Florham Park, N.J. Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso and Seth Zudiema negotiated on behalf of seller Mack-Cali Realty Corp. and secured the buyer, The Birch Group.
Located on 15 acres at 325 Columbia Turnpike, the three-story building was completed in 1987 and renovated in 2009, Yardi Matrix shows. The property has subterranean parking, three passenger elevators, a remodeled cafeteria and on-site storage units. At the time of the sale, the asset was 85 percent leased to 13 tenants, including Clearview Investment Partners, Brent Material Co. and Stern Kilcullen & Rufolo.
Situated just off Highway 24, the building is across the street from Morristown Airport and a short distance from downtown Florham Park. Downtown Morristown is 4 miles west of the site. Other companies with offices in the immediate area include Accenture, Conduent and UBS.
Earlier this month, Mack-Cali Realty Corp. completed the $158 million disposition of a 10-building office portfolio totaling 1.5 million square feet in Morris County, N.J. A partnership between Onyx Equities, Taconic Capital Advisors, Axonic Capital and Machine Investment Group acquired the assets.