Grosvenor Affiliate Lands Mortgage for 260,000SF New Jersey Office
- Oct 17, 2008
The New York office of Holliday Fenoglio Fowler L.P. has secured a $25 million mortgage on behalf of an affiliate of Grosvenor Investment Management for Rockaway 80, a 260,000-square-foot, Class A office building in Rockaway, N.J.HFF director Steven Klein and senior managing director Michael Tepedino represented the borrower in arranging the floating-rate loan through MassMutual. GIM is the North American fund management subsidiary of the London-based Grosvenor Group Ltd. Rockaway 80 has seven stories of office space plus a two-level, 883-space parking structure. Originally completed in 1991 and renovated in 2006, the property features a reflective glass facade with granite accents, a lobby with two-story atrium and interior appointments of granite, mahogany and brass. Rockaway 80 is 77 percent leased to tenants including Warner Chilcott, Reed Elsevier, Prudential Insurance, Hartford Insurance and Edy’s Ice Cream. Located at 100 Enterprise Drive, the property is approximately eight miles west of the intersection of Interstates 80 and 287 in Rockaway.