Garibaldi Group President Jeff Garibaldi Sr. gets it: The recent uptick in COVID-19 cases caused by the Delta variant has thrown off any potential return-to-office timelines.
That’s OK, he said.
In fact, Garibaldi is optimistic that the short-term hesitation will be a long-term benefit as his team begins efforts to lease 180 Park Ave., a 220,000-square-foot Class A office building that sits in the heart of the Green at Florham Park.
“Yes, there still remains a great deal of uncertainty in the office market, but we’re seeing activity starting to buzz,” he said. “The reason being is that most companies are out considering all of their options right now and, with the infastructure of this building, and the aesthetic appeal of the campus, 180 Park Ave. is a major contender for any potential tenant in the market.”
Garibaldi and Jackie Madden will help to rebrand and reposition the building with a fresh perspective as companies continue to strategize their return to the office.
About the Garibaldi Group
The Garibaldi Group is a full-service commercial real estate company providing public and private clients strategies and solutions necessary for the optimal performance for their real estate investments. It is based in Chatham. The firm, which was established in 1919, focuses on individual client attention and quality service and provides comprehensive regional market knowledge and transactional experience.
Garibaldi said the building has a lot to offer, including an onsite cafeteria and coffee bar, fitness center, conference center, outdoor patio, walking trails and a New Jersey Transit shuttle to and from the campus. It also provides office suites ranging in size from roughly 7,000 square feet to 41,000 square feet, which can accommodate a great range of businesses and business needs.
Madden, who will serve as the project lead, is confident about the market.
“A lot of focus is being put on the influx of sublease space on the market right now, and the challenge that it creates for the landlord to get direct deals done in the near future,” she said. “Our take is that, in an uncertain office market like the one we are currently in, going direct is actually a significantly better option for the majority of tenants.”
Madden said there are plenty of options.
“You can better customize the lease to fit your needs and timeframe, as well as get tenant improvement dollars to make the space your own,” she said. “However, a more relevant reason is the expectation that many landlords may look to reposition their assets over the next 12-18 months and, if you have a sublease in a building that changes ownership, you may not only find yourself without any leverage moving forward, you actually might find yourself without an office when the sale is completed.”
The building is part of a mixed-use campus that is home to Summit Health, the Archer Hotel and the New York Jets, among others. The building itself is home to such recognizable brands as Maersk, Nature’s Bounty and Exeltis.
“We’re excited for the opportunity to represent such a high-quality property,” she said. “We’re especially excited to do so under the new leadership of a fresh and innovative team in Vision Properties and the Birch Group.”