A joint venture of Bergman Real Estate Group and Eightfold Capital has acquired the 7 Giralda Farms office building in Madison, Bergman said in a news release this week.
Woodbridge-based Bergman said the venture acquired the building from Mack-Cali Realty Corp.
The three-story, Class A building totals 236,800 square feet. It is one of seven buildings within the 1.15 million-square-foot Giralda Farms Corporate Campus on the former Geraldine Rockefeller Dodge Estate.
“We are very excited about this newest addition to our portfolio,” Michael Bergman, CEO and president of Bergman Real Estate Group, said in a prepared statement. “7 Giralda is a quality asset situated in one of the most beautiful office settings you will find in all of New Jersey. What we really like are the flexible floor plates that can accommodate large users as well as small to medium tenants, making this one of the first true multitenanted buildings within the Giralda Farms campus.”
Bergman plans a $3.6 million capital improvement campaign to improve the property’s common areas, it said.
“As the office market continues to improve, with companies and their employees returning to the workplace, we believe 7 Giralda Farms offers one of the best amenity-rich, scenic office environments in all of New Jersey,” Bergman said. “7 Giralda truly exemplifies the best of quality for corporations looking for the ideal work-play balance for the health and well-being of their employees.”
The deal represents Bergman’s fourth acquisition from the real estate investment trust.
“We were pleased to sell the property to the Bergman organization, which has consistently proven to be a reliable buyer and a pleasure to work with,” Ricardo Cardoso, executive vice president and chief investment officer of Mack-Cali, said in a statement.
Bergman was represented by Chiesa, Shahinian & Giantomasi P.C. Acquisition financing was made by Shem Creek Capital and arranged by JLL’s New Jersey Capital Markets team.
Leasing opportunities range from 4,000-5,000 square feet to larger spaces of 36,800 square feet, Bergman said, and even a full-floor availability of 80,000 square feet.
