JLL Capital Markets on Tuesday said it closed the sale of 180 Park Ave., a three-story, Class A office building totaling 228,000 square feet in Florham Park.
JLL represented the seller and procured the buyer, a joint venture between Vision Properties and The Birch Group. This is the second joint venture between Birch and Vision Properties, after the successful acquisition of 350 and 360 Mount Kemble Ave. in Morristown.
According to The Birch Group Principal Mark Meisner, “180 Park Ave. is one of the highest quality assets in the submarket and current ownership has done a phenomenal job upgrading the building to meet the needs of today’s corporations.”
The property is located on a 26.6-acre site within The Green at Florham Park, a 268-acre master-planned development that is home to Summit Medical Group, MD Anderson and the New York Jets, among other companies.
“We are very excited to add this asset to our growing portfolio with The Birch Group and emulate the success we achieved at the Mt. Kemble property,” added David Milewski of Vision Properties. “We will be aggressively implementing our business plan and further differentiate the asset from its competitive set.”
180 Park Ave. is 75% leased and anchored by Maersk Inc., the world’s largest container shipping company, which utilizes the property for its headquarters.
Built in 2001 and located in the heart of Morris County, 180 Park Ave. has been institutionally maintained and features a recently renovated atrium lobby with coffee bar, full-service cafeteria, fitness center, common area conference room, tenant lounge, outdoor patio seating and covered executive parking. It has immediate access to Route 24 with connections to Interstates 78 and 287.
The JLL Capital Markets team representing the seller included Senior Managing Directors Jose Cruz and Kevin O’Hearn and Senior Directors Steve Simonelli and Michael Oliver.