CBRE closes $24.5M sale of 100% leased 132,737 sq. ft. Class A office park in Florham Park

A 100% leased, 132,737-square-foot office park in Florham Park sold for $24.5 million, according to a Monday announcement from CBRE.

Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Fahri Ozturk, Rich Gatto, Travis Langer and Daniel Blumenkrantz of CBRE’s Institutional Properties Group represented the seller, the Silverman Group. CBRE also procured the buyer, a privately held real estate company.

Located at 25 Hanover Road, the two Class A buildings are situated in a park-like setting ideally located just minutes from downtown Florham Park. The property has maintained a stellar occupancy of over 90% for more than 10 years and offers a diverse tenant roster with a strong commitment to the property, with two of the largest tenants being in occupancy for over 15 years.

“The Silverman Group has done a tremendous job maintaining a high-quality asset and strong relationships with the tenants, evidenced by the superb historical occupancy,” Neuer commented. “The buyer was diligent in pursuing the asset because they are committed to the market, having acquired a nearby asset in 2021. 25 Hanover provides the buyer with another high-caliber asset in an amenity rich pocket of the Morris County submarket.”