New Jersey Office Complex Trades for $31M
- Oct 09, 2019
The joint venture of Bergman Real Estate Group and Rialto Capital Management LLC has sold Florham Park Corporate Center, a Class A, two-building office property in Florham Park, N.J. ACG acquired the 230,000-square-foot asset for $31.1 million. Colliers International represented both parties in the deal.
Florham Park Corporate Center sits on nearly 17 acres at 25 Vreeland Road in Florham Park, currently considered one of New Jersey’s most active office submarkets. The property is 1.4 miles east of downtown Florham Park, with easy access to routes 10 and 24, as well as interstates 78, 280 and 287. The office campus is also close to premier retail centers and dining options.
Completed in 1984, the two three-story buildings underwent cosmetic renovations in 2009, per Yardi Matrix data. The office campus offers 37,666-square-foot floorplates and has a parking ratio of 4 spaces per 1,000 square feet. Amenities feature a full-service cafe, conference center, fitness and game center, as well as a free app-based bike sharing program. The 2.2 million capital improvements included renovated atrium lobbies, a new fitness center and lounge, courtyard upgrades and HVAC upgrades. The property is currently 88 percent leased to a diverse mix of tenants.
Executive Managing Director Jacklene Chesler, Managing Director Matthew Brown and Senior Financial Analyst Frank Summers led the Colliers Capital Markets & Investment Sales Team that marketed the property sale.
Prior to that, a Colliers leasing team consisting of Executive Managing Director Richard Madison and Associate Director Jack Callahan collaborated with Bergman Real Estate Group in order to secure several leases.