The Hampshire Companies, a real estate investment firm based in Morristown, announced Tuesday the sale of a Class A office building in Madison.
Hampshire said Gulf Islamic Investments LLC, a United Arab Emirates-based financial services company, had purchased 175 Park Ave., a 270,000-square-foot building that is the current headquarters of Realogy, a residential real estate services provider. Drinker Biddle said its real estate team in Florham Park represented Hampshire in the sale.
The property, situated on more than 15 acres, was previously the home of a Verizon call center building. Hampshire said it worked with Kohn Pedersen Fox Associates, an architecture firm, to transform it in into a state-of-the-art headquarters office space.
“Typically, pursuing the complete redevelopment of an office building at the height of a market downturn runs contrary to prevailing real estate wisdom. However, our ability to see real estate through a different lens allowed our firm to recognize a unique opportunity in the market back in 2012 and create one of New Jersey’s most valuable office buildings,” James E. Hanson II, CEO and president, The Hampshire Companies, said. “This sale exemplifies the strength of our vision for the property and our ability to create value across property types and economic climates.”
The workspace features a full range of amenities, including a fitness center, cafe and conference/team rooms. It is within close access to routes 124 and 24, Interstate 78 and the Garden State Parkway.
“Amidst international economic uncertainty and an increase in global investor interest in alternative investments, we have seen an uptick in foreign investment firms, particularly those in the Gulf, looking to acquire stabilized Class A office products in the United States. Our sale of 175 Park Avenue allowed us to realize substantial value from this asset while providing Gulf Islamic Investments with an ideal opportunity to deploy capital in line with their investment strategy for the United States real estate market,” Norman Feinstein, vice chairman of The Hampshire Companies, said.
