NEW PROVIDENCE, NJ - Reed Elsevier, Inc. has sold its 112,000-square-foot office building located at 121 Chanlon Road in the borough to Bergman Real Estate Group and Garden State Office Properties.
121 Chanlon Road is part of a two-building office complex known as the New Providence Business Campus, which has been owned and occupied by Reed Elsevier, Inc. and served as a corporate headquarters for Reed Elsevier’s LexisNexis and Martindale-Hubbell divisions. As part of a sale-leaseback transaction, Reed Elsevier consolidated into the two-story building, located at 630 Central Ave., while at 121 Chanlon Road, Martindale LLC will continue to occupy a full floor of 35,000 square feet. Additionally, Bergman has announced a new full-floor lease with Phoenix Marketing Group.
Built in 1990, 121 Chanlon is a four-story, class A office building featuring an architecturally attractive red brick façade and a dramatic, full-height center atrium with an arched glass ceiling. The building provides first-quality interior finishes throughout, a full-service cafeteria, and executive covered parking under the building. The building sits on 6.5 acres in a scenic, park-like setting with a walking trail and outdoor patio seating area.
“We are very excited about this new acquisition,” explains Michael Bergman, President of Bergman Real Estate Group. “This is a well-constructed, quality building that is brand new to the Summit/New Providence office market, within walking distance to the Murray Hill Train Station and nearby retail and fitness facilities. We believe this provides an attractive opportunity to companies seeking a suburban, transit-oriented location with amenities for their employees.”
As the building has been corporately owned for the past 25 years, Bergman is repositioning 121 Chanlon Road as a multi-tenant building. Currently, the building’s entire second floor, totaling 35,000 square feet, is available for lease and is divisible to 10,000 square feet. There are also smaller units of 2,000 square feet and 3,200 square feet available on the ground floor. As part of this process, Bergman is planning to make significant capital improvements to the property, including a more prominent entrance, lobby upgrades with new lighting and furniture, and numerous other common area enhancements. Bergman has contracted with Studio 1200 to design these planned improvements.
Steven Schultz of Newmark Grubb Knight Frank represented the seller, Reed Elsevier, Inc. in the transaction, while Bergman was represented by Michael Difede, Director of Acquisitions and Michael Brody, principal of Garden State Office Properties.