7 Giralda Farms in Madison — Courtesy: Bergman Real Estate Group
By Joshua Burd
Bergman Real Estate Group has all but filled a 236,000-square-foot office building in Madison, thanks largely to a multimillion-dollar upgrade that sparked a host of lease deals.
The firm, which is working alongside brokers with Cushman & Wakefield, said it secured seven new tenants at 7 Giralda Farms as part of its 2024 leasing campaign. Those commitments totaled 110,000 square feet, with major law firms including Riker Danzig LLP, Saiber LLC and Kelley Drye & Warren LLP leading the way, bringing the property to 97 percent leased.
“We were laser-focused on our capital improvement program, upgrading a host of amenities in order to attract the highest-quality tenants and we are proud to announce that we have met our goals,” said Michael Bergman, CEO and president of Bergman Real Estate Group. “7 Giralda Farms is one of those success stories. Employers know that they need to offer a top-tier in-office experience to attract the best talent, and that’s what our investments have done.”
Riker Danzig, a 140-year-old full-service law firm, will occupy 45,500 square feet at the property after it relocates from its longtime headquarters in Morristown, while Saiber Law is moving from Florham Park to a new 34,390-square-foot office at the property. Kelley Drye, for its part, has committed to 17,260 square feet and is relocating from Parsippany.
Marc Rosenberg of Cushman & Wakefield represented the Riker Danzig, according to a news release. The firm’s Richard Baumstein and Edward Duenas represented Saiber, while Nick Savage and Greg Barkan of CBRE represented Kelley Drye.
“7 Giralda has great value, but it was Bergman Real Estate Group who had the resources and vision to acquire the asset, invest in the building, and remarket it to attract smaller and mid-size, high-quality tenants,” said Joshua Cohen, managing director of Cushman & Wakefield, the exclusive leasing agent for the building. “It is the strength of ownership, their tenure in the market and Michael Bergman’s vision that proved to be a very successful formula for success.”
Bergman’s other recent leases at 7 Giralda include:
- 15,600 square feet by Transcend Capital Advisors LLC, a private wealth management firm, which was represented by Jon Williams and Michael Nieliwodski of CBRE
- 9,422 square feet by OrganOx Inc., a global medical device company based in the United Kingdom, which was represented by Mark Twentyman of Kingsbridge Realty Advisors
- 2,767 square feet by G&L Scientific Inc., a medical and pharmaceutical consulting firm, which was represented by Bill Brown and Cohen of Cushman & Wakefield
- 2,121 square feet by Knack Pharmaceuticals, a health care company that specializes in injectable medication, which was represented by Chris Hovanec of Colliers.
“7 Giralda is a quality building that has all of the amenities a tenant is looking for, thanks to the strength and the commitment of the owners,” said Brown, an executive director with Cushman.
Bergman and Eightfold Real Estate Capital acquired 7 Giralda Farms in July 2021 and began a major upgrade of the property, part of a gated 1.15 million-square-foot office park on the former Geraldine Rockefeller Dodge Estate. Amenities at the three-story building now include a 3.5-mile paved walking loop around the Giralda Farms complex, a fitness center, a bike share program and a yoga/exercise room, along with a nine-hole disc golf course on the complex’s 20-acre grounds.
The property also has an upscale employee lounge with shuffleboard and a pool table, as well as a modern 36-seat conference center with multimedia for group meetings, the news release said. Other upgrades include fully redesigned common areas by Studio 1200, including a new café with seating, a new lobby and other common seating areas.
Tenants are minutes from Interstate 287 and Route 24 and able to tap into North Jersey’s large talent pool. The campus is also three miles from downtown Morristown.
“To attract the best talent in northern New Jersey, you have to offer the best amenities, and 7 Giralda Farms lets tenants do just that,” Bergman said. “Combined with this building’s incredibly convenient location, we knew from the earliest days of this project that 7 Giralda Farms was a unique investment opportunity.”
Bergman unveils disc golf course, yoga room among new wellness amenities in Madison
