38C — March 30 - April 12, 2018 — The Best of 2017 — M id A tlantic
Real Estate Journal
www.marejournal.com
The Largest office Sales of 2017
HFF Six-Property NJ Office Portfolio Northern New Jersey
Prism Capital Partners Broadacres Office Park Bloomfield, NJ
Colliers International 11, 13, 15 Reads Way New Castle, DE
Size: 380,000 SF Brokers: Cushman & Wakefield - Andrew Merin, David Bernhaut, Gary Gabriel, and BrianWhitmer Prism Capital Partners and an institutional partner sold the landmark BroadAcres Office Park in Bloom- field to P3RE. The four-building, 20-acre property is located along the Garden State Parkway in Essex County. This transaction illustrates the liquidity for suburban office space in northern New Jersey, par- ticularly for established properties with solid leasing histories and strong upside potential. Prism, which is headquartered onsite at 200 Broadacres Drive, will continue as BroadAcre Office Parks’ exclusive leas- ing and onsite managing agent on behalf of P3RE. The new ownership’s immediate plans include a ma- jor capital improvement program, which Prism Con- struction Services is overseeing.
51 Parkway
Size: 1.1 million SF Brokers: Jose Cruz, Kevin O’Hearn, Michael Oliver, Ste- phen Simonelli, Marc Duval, Mike Tepedino and Andrew Scandalios HFF closed the $368M sale of a six-property, Class A office portfolio on behalf of the seller, RXR Realty. Mack-Cali Re- alty Corporation purchased the portfolio, which was one of the largest office portfolio’s to ever trade in the state. The 91% leased portfolio comprises 51, 101 and 103 JFK Park- way 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 proper- ties 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.
Size: 124,000 SF Brokers : Carl Neilson, Rick Kingery
Carl L. Neilson and Richard C. Kingery of Col- liers International sold 11, 13, and 15 Reads Way located in New Castle, Delaware. The property is a 124,311-square-foot, 3-building office campus leased to a creditworthy health system, technol- ogy and financial services tenants. Colliers was the sole broker involved in the transaction and represented the seller, LNR Partners, LLC. The purchaser was 11 Reads Way LLC, an affiliate of Emory Hill Management Company. The ten- ants include Christiana Health Care, BAYADA Health, NAES Corp, and Modern Water.
Newark CEDC 2 Gateway Center City Newark, NJ The Largest office lease of 2017 NAI SUMMIT 1550 Pond Road Allentown PA
Newmark Knight Frank 800 & 802 Delaware Avenue Wilmington, DE
Size: 44,023 SF Brokers: Lease renewal and expansion at Class A Office Building to Paychex Located in a business park setting right off Route 22 and Cedar Crest Boulevard, 1550 Pond Road in Allentown, PA is a 145,000 SF three-story, Class A office complex. The location offers easy access to Routes 22 and 309 as well the PA Turnpike 476. With ample parking, including a ga- rage and parking deck, the building provides underground power and data feeds and multiple corporate tenants. One of the best perks to this location is the large variety of area amenities nearby including Target, Weis, Subway, Wine & Spirits, FedEx, Rite Aid, Applebee’s and much more. The long-term lease transaction with the internation- ally known company, Paychex, included a renewal and ex- pansion of their current space in the building in which they will now occupy 40,000 SF.
Size: 240,000 SF + 90,000 SF (330,000 SF Total) Brokers: Neal Dangello, Wills Elliman, Jeff Mack and Brett DiClemente NKF represented the landlord, Equity Commonwealth on the new 240,000 SF lease at Capital One’s existing loca- tion at 802 Delaware Avenue. Simultaneously, Capital One inked a new lease for 90,000 SF at 800 Delaware Avenue. The combined lease transactions met Capital One’s needs for occupancy with adjacent buildings and reaffirmed their commitment to having a location in the Central Business District of Wilmington, DE.
Size: 160,000 SF Broker: Dudley Ryan
This lease relocates Broadridge Financial and its 1,100 asso- ciates from Jersey City to Newark, NJ. The new home for the Global Tech and Innovations division of Broadridge, C&K Properties’ 2 Gateway Center, is the first building in the state to achieve a Wire Platinum certification from WiredScore. 2 Gateway was also the first building in Newark to participate in the Newark Fiber program, which included fiber-optic in- ternet service at a 10-gigabit connection.
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