Global commercial real estate firm Colliers International Group Inc. arranged the sale of Florham Park Corporate Center.
The 230,000-square-foot, twin Class A buildings were purchased by ACG for $31.1 million, Colliers announced on Monday.
The three-story buildings at 25 Vreeland Road in Florham Park are 88 percent occupied, Colliers said, by 30 tenants. Before bringing the complex to market, Colliers Executive Managing Director Richard Madison and Associate Director Jack Callahan worked with Bergman Real Estate to secure leases, including with Atlantic Health Systems.
After the joint venture hit its leasing goals, Executive Managing Director Jacklene Chesler, Managing Director Matthew Brown and Senior Financial Analyst Frank Summers of Colliers were chosen to develop and acutalize the marketing strategy for the sale of the property.
“We are very thankful for the Colliers team’s efforts over the past three years,” said Michael Bergman on behalf of Bergman Real Estate Group/Rialto Capital Management LLC. “The commitment and success of the leasing team, highlighted by the recent Atlantic Health deal, helped ensure occupancy stability and resulted in an outcome that was perfectly in line with our business goals. The results of the sale and the tight marketing process exceed our expectations on the sale of this asset.”
Florham Park Corporate Center includes 800 parking spots. According to Colliers, the 16-acre property recently underwent $2.2 million in capital improvements which brought renovated atrium lobbies, a new fitness center, HVAC upgrades, lighting improvements and more.