A pair of office buildings in Florham Park have sold for $31 million, according to real estate services firm Colliers International Group Inc.
The properties, which make up the Florham Park Corporate Center at 25 Vreeland Road, total 230,000 square feet and are 88% occupied. The twin Class A buildings currently have a total of 30 tenants.
Colliers represented the buyer, ACG, and the seller, a joint venture of Bergman Real Estate Group and Rialto Capital Management LLC, in the transaction. Colliers also worked with Bergman Real Estate Group to secure a number of leases prior to the sale.
The leasing team included Richard Madison, executive managing director, and Jack Callahan, associate director. The Capital Markets & Investment Sales team that developed and executed the marketing sales strategy included Jacklene Chesler, executive managing director; Matthew Brown, managing director; and Frank Summers, senior financial analyst.
“There was a high level of demand and offers received for this asset,” Chesler said in a prepared statement. “This triggered a few bidding rounds with a number of top investor groups offering impressive and meaningful deal terms.”
Added Michael Bergman, speaking on behalf of the joint venture: “We are very thankful for the Colliers team’s efforts over the past three years. 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 exceeded our expectations on the sale of this asset.”