Woodbridge-based Bergman Real Estate Group on Aug. 2 said it acquired 7 Giralda Farms in Madison, a three-story, Class A office building comprising 236,800 square feet across 20 acres of meticulously landscaped grounds.
The acquisition is a joint venture between Bergman and Eightfold Capital, which acquired the building from Mack-Cali Realty Corp., making this Bergman’s fourth acquisition from the commercial REIT.
“We were pleased to sell the property to the Bergman organization which has consistently proven to be a reliable buyer and a pleasure to work with,” said Ricardo Cardoso, executive vice president and chief investment officer of Mack-Cali. “And 7 Giralda was no exception.”
Bergman was represented by Mitchell Berkey and Joseph Zawila of the law firm Chiesa, Shahinian and Giantomasi PC. Acquisition financing made by Scott Goldberg of Shem Creek Capital was arranged by JLL’s New Jersey Capital Markets team of Michael Klein, Greg Nalbandian and Gerald Quinn.
Developed in 2000, 7 Giralda Farms is one of seven buildings within the 1.15 million-square-foot Giralda Farms Corporate Campus, a gated 310-acre office campus set on the former Geraldine Rockefeller Dodge Estate. Conceived and originally developed in the early 1990s by Prudential, Giralda Farms is recognized as one of the tri-state area’s most prestigious office locations and is home to many prestigious companies, including Prudential, Leo Pharma Inc., Merck, Pfizer, AbbVie and Atlantic Health System.
“We are very excited about this newest addition to our portfolio,” said Michael Bergman, president and CEO of Bergman Real Estate Group. “7 Giralda is a quality asset situated in one of the most beautiful office settings you will find in all of New Jersey. What we really like are the flexible floor plates that can accommodate large users as well as smaller to medium tenants, making this one of the first true multi-tenanted buildings within the Giralda Farms campus.”
The property is strategically located along Madison Avenue, approximately 1.5 miles from downtown Madison and 3 miles from downtown Morristown, offering easy access to two train stations and the convenience of numerous restaurants, stores, banks and hotels within minutes. The property can be accessed from multiple roadways and offers convenient access to Interstates 287, 80 and 78, and Route 10.
The building at 7 Giralda boasts an attractive two-story atrium entrance with granite and wood accent finishes. It offers tenants first-class amenities, including a 6,000-square-foot full-service café and abundant seating that leads out to a terrace patio seating area overlooking the Giralda Farms grounds.
Tenants and their employees will also enjoy use of the 3,000-square-foot, fully-equipped fitness center with upscale locker rooms. The most unique amenity that tenants will benefit from is that all parking is located underground for all tenant employees.
Bergman has plans to further upgrade the building through a $3.6 million capital improvement program affecting all common areas, including the lobbies, restrooms, café and fitness center, as well as to bring new amenities to the property.