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| Sale of One of Six Class A Office Properties Brokered by HFF in Northern New Jersey |
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| Jose Cruz |
FLORHAM PARK, NJ ––
Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $368 million
sale of a portfolio of six, Class A office properties totaling 1.1 million
square feet in Northern New Jersey. This
sale represents one of the largest office portfolios to ever trade in the
state.
HFF marketed the property
exclusively on behalf of the seller, RXR Realty, and procured the buyer,
Mack-Cali Realty Corporation.
The 91-percent-leased
portfolio comprises 51, 101 and 103 JFK Parkway in Short Hills and 1, 3 and 7
Giralda Farms in Madison. Notable
tenants include KPMG, Wells Fargo, Merrill Lynch, UBS, Dun & Bradstreet, Investors
Bank, Citibank, Franklin Mutual Advisors, Pfizer and Prudential.
All of the properties are
located in the high growth Route 24 Corridor, which is close to the affluent
residential communities of Millburn, Summit, Livingston, Chatham and Florham Park.
Additionally, the
properties benefit from a strong retail amenity base including The Mall at
Short Hills, the downtown areas of Morristown, Madison and Summit and the
retail offerings along Route 10.
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| Kevin O'Hearn |
The HFF investment sales
team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Michael Oliver and Stephen Simonelli, associate director Marc Duval, executive managing director Michael Tepedino and supported by senior managing director Andrew Scandalios.
“These are the best
suburban office assets in the New Jersey market and they had not traded in well
over a decade,” stated Cruz. “In
particular, 51 JFK Parkway, is widely regarded as such, with significant upside
in the rents.”
“Short Hills, Madison, and
Whippany lead the suburban New Jersey markets in investor demand,” added
Cruz. “The buyer performed extremely
well and they will benefit from significant growth in that submarket.”
“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.
“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,” said Michael J. DeMarco,
Mack-Cali President.
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Director, Public Relations
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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