Normandy Taps Transwestern to Lease 352 KSF Office Park in NJ
- Jul 30, 2014
Normandy Real Estate Partners has hired Transwestern to be its exclusive leasing agent for Park Place, a 30-acre premier corporate office complex in Florham Park, N.J.
The complex consists of four buildings totaling 351,995 square feet.
“We had a very successful repositioning of a property at 300 Kimball Drive in Parsippany that was a 400,000-square-foot project. And based on that success, Normandy wanted us to replicate that success in Florham Park,” Matt McDonough, Transwestern’s managing director, told Commercial Property Executive. “It’s pretty much the same thing, take an asset that’s a little bit long in the tooth and make it fresh and new.”
Located at 200 through 230 Park Ave., the property is strategically located at the intersection of Park Avenue and Columbia Turnpike, adjacent to Route 24 and one mile east of Interstate 287.
There are bars and restaurants right next door in Morristown, downtown Florham Park is known for its bevy of establishments and the Park Avenue Club is one of the area’s premier social and dining clubs.
“It’s a fantastic location with easy access to the highways, easy access to Newark Airport, easy access to downtown Morristown, and train stations at both Covent Station and Morristown Station,” McDonough said. “Also importantly, it has excellent access to executive housing.”
Property amenities include a conference center, cafe and private executive dining, fitness center, special event rooms, covered parking and a shuttle to and from the nearby New Jersey Transit Convent Station train station.
“It’s a very desirable location,” McDonough added. “It seems all the professional firms and large corporations in Morris County want to be in that area—law firms to professional firms, accounting to financial firms—all are right in the market there.”
Although Park Place was renovated in 2001, Normandy will immediately launch a $3 million capital improvements program throughout the common areas of the complex as it sees it as a complete repositioning of the property.
Transwestern principal James Postell and vice president Daniel Ligorner will join McDonough in leasing the property on behalf of the owner.