7 Becker Farm Road in Roseland — Courtesy: Colliers International
By Joshua Burd
A nearly 90,000-square-foot office building in Roseland is under new ownership, following a sale completed by brokers with Colliers International.
The four-story property, 7 Becker Farm Road, is home to three tenants with short-term leases in place, Colliers said. An undisclosed buyer purchased the building, the brokerage firm said, citing the potential to leverage the area’s desirability and rebrand the asset with the offering of naming rights and monument signage.
Terms were not disclosed.
“Essex County has been a historically popular destination due to its proximity to Manhattan,” said Jacklene Chesler, an executive managing director with Colliers. “Our team’s commitment and extensive market knowledge has allowed us to complete the sale of several highly vacant office buildings during the pandemic … I’m extremely proud of our team for its success in securing the perfect buyer for the property.”
Chesler, who completed the sale with Colliers Managing Director Matthew Brown and Associate Director Patrick Norris, said they used the online platform Ten-X and the firm’s proprietary database of investors to help generate 25 tours and 21 approved bidders. Colliers completed the sale on behalf of the seller in under 30 days.
Colliers also noted that 7 Becker Farm Road has on-site amenities such as a fitness center, a cafeteria and a conference center. The property also recently underwent a renovation to its common areas, including the lobby and cafeteria.