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| 51, 101 and 103 JFK Parkway, Short Hills, NJ |
FLORHAM PARK, NJ ––
Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $124.5 million in
financing for 51, 101 and 103 JFK
Parkway in Short Hills, New Jersey.
Working on behalf of the
borrower, Mack-Cali Realty Corporation, HFF placed the 10-year, fixed-rate loan
through Citi and Goldman Sachs & Co.
Loan proceeds were used to acquire the properties, which were part of a
larger six-property portfolio that HFF sold to Mack-Cali on behalf of RXR
Realty.
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| Jon Mikula |
The properties are located
in Short Hills, along the high-growth Route 24 Corridor, which is close to the
affluent residential communities of Millburn, Summit, Livingston, Chatham and
Florham Park, plus The Mall at Short Hills; the downtown areas of Morristown,
Madison and Summit and the retail offerings along Route 10.
Built between 1981 and
1988, the properties are fully leased to major tenants, including KPMG, Merrill
Lynch, Wells Fargo, Dun & Bradstreet and Investors Bank.
The HFF debt placement team
representing the borrower was led by senior managing director Jon Mikula.
“We were excited to help
Mack-Cali with its acquisition of the Short Hills assets, which are some of the
premier Class A office buildings in the state,” stated Mikula.
“This acquisition
signifies Mack-Cali’s substantially expanded presence in the affluent Short
Hills submarket—positioning us as the owner of nearly all of the Class A office
space, as well as some of the most premier assets in the Madison submarket,”
said Michael J. DeMarco, Mack-Cali President.
“This transaction exemplifies our strategy of owning only the best
assets in strong markets that offer tenants state-of-the-art office spaces with
a suite of first-class amenities.”
For a complete copy of the company’s news release,
please contact:
Olivia Hennessey
Public Relations
Specialist
HFF | 9 Greenway Plaza,
Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
.
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