FLORHAM PARK, NJ, October 7, 2019 -- Leading global commercial real estate services firm Colliers International Group Inc. announces that it has arranged the sale of Florham Park Corporate Center, a set of twin Class A office buildings located at 25 Vreeland Road in Florham Park, New Jersey for $31,100,000. The 230,000-square-foot complex offers a wide variety of best-in-class amenities in the burgeoning Florham Park submarket.

 

The complex’s twin, three-story buildings are 88% occupied by 30 tenants who have access to the property’s renovated atrium lobby area, central courtyard with landscaped grounds, full-service cafe, conference center, fitness and game center and a free app-based bike sharing program. 

 

Colliers represented both the buyer, ACG, and seller, a joint venture of Bergman Real Estate Group and Rialto Capital Management, LLC, in the transaction. Prior to bringing the property to market, a Colliers leasing team consisting of Executive Managing Director Richard Madison and Associate Director Jack Callahan worked collaboratively with Bergman Real Estate Group to secure a number of leases, including two leases with Atlantic Health Systems, making the property a highly attractive investment opportunity. 

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Once the leasing strategy met the goals set by ownership, the Colliers Capital Markets & Investment Sales Team led by Executive Managing Director Jacklene Chesler, Managing Director Matthew Brown and Senior Financial Analyst Frank Summers were selected to develop and execute the marketing strategy for the sale of the property. 

 

“There was a high level of demand and offers received for this asset,” said Chesler. “This triggered a few bidding rounds with a number of the top investor groups offering impressive and meaningful deal terms.”

 

“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” added Bergman.

 

Florham Park Corporate Center is situated on a 16-acre lot and provides 800 surface parking spaces. The location’s buildings have been immaculately maintained and recently underwent $2.2 million in capital improvements, including renovated atrium lobbies, a new fitness center and lounge, courtyard upgrades, HVAC upgrades, new building management systems and lighting improvements. The property is located 30 minutes from Newark International Airport and Manhattan and offers easy access to Routes 10 and 24, and Interstates I-78, I-280 and I-287. In addition, the property is also in close proximity to a wide variety of premier retail centers and dining options. 

About Colliers International

Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.

 

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