HFF closes Class A office building sale in East Hanover

By Emily Bader
East Hanover | Feb 21, 2019 at 1:40 pm

Holliday Fenoglio Fowler L.P. announced Thursday the sale of a Class A office building in East Hanover.

The 178,000-square-foot, three-story office building, called the Eagle Rock Executive Office IV, is located at 120 Eagle Rock Ave.

HFF represented the seller, Boxer Property, in the deal. Ramapo, New York-based Northeast Capital Group purchased the asset for an undisclosed amount.

The building, which is situated in a three-building office park within close access to Interstate 280, is approximately 80 percent leased to tenants including Prudential Insurance Company of America, Kessler Foundation and GFK. It offers amenities including a cafeteria, conference rooms, tenant lounge and fitness center. The property also has coworking space.

HFF’s investment advisory team of Kevin O’Hearn and Jose Cruz, senior managing directors; and Stephen Simonelli and Michael Oliver, senior directors; represented the seller.

“We’re thrilled to have assisted Boxer Property with the successful execution of their business plan,” O’Hearn said.  “Since we sold the property to them several years ago, they have made significant capital improvements, which resulted in an increase in occupancy, including several noteworthy tenants.  Additionally, we’re happy to have closed another property with Northeast Capital and help them expand their portfolio into the office sector.”

Emily Bader | ebader@roi-nj.com | emilybader