Cushman & Wakefield said Thursday it sold a Mack-Cali Realty Corp.-owned, 168,144-square-foot office in Florham Park to The Birch Group.
The Cushman & Wakefield team of Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso and Seth Zudiema represented the seller and procured the buyer.
“This opportunity drew a tremendous amount of investor interest and tour activity due to its location, size and profile,” said Bernhaut. “Ultimately, The Birch Group stepped up during a very competitive bid process and was able to execute on all fronts.”
According to Mark Meisner, president and founder of The Birch Group, his company recognized the resiliency of this property. “Despite significant near-term rollover risk, we remained confident in our ability to implement a value-add strategy. This is a great building in a location that is extremely convenient for its occupiers, evident by exceptional historical occupancy figures,” he said.
Located at 325 Columbia Turnpike, the three-story property is situated on 15 acres and was delivered 85 percent leased to 13 tenants. It features a fully-renovated cafeteria, a sky-lit atrium lobby, on-site tenant storage units and abundant executive covered parking.
“All parties involved were able to work together through various major leasing components during the contract period. The collaborative effort on behalf of both the buyer and the seller was essential in getting this deal pushed across the finish line,” added DiTommaso.
The asset is located immediately off of Route 24, just west of its intersection with Interstate 287 and directly across from Morristown Airport. The property benefits from immediate access to amenities including Life Time Fitness, Starbucks, Trader Joe’s, Kings, Panera Bread and more. Other nearby services include banking, childcare, medical and wellness and hospitality.