Westminster Corporate Center at 30 A and B Vreeland Road in Florham Park — Courtesy: Colliers
By Tina Traster
An investment firm has purchased a nearly 160,000-square-foot office campus in Florham Park for $13.26 million, according to a brokerage team with Colliers.
The 15-acre property, Westminster Corporate Center, comprises twin three-story buildings at 30 A and B Vreeland Road, along with a central courtyard with landscaped grounds as well as covered parking and eco-conscious solar panels. A Colliers team led by Jacklene Chesler, Patrick Norris and Joe Lane brokered the deal, touting it as a value-add opportunity given the 7.2-year average tenancy and below-market rents.
Following renovations this fall, the 158,583-square-foot campus will include pickleball and basketball courts, while ownership will upgrade building B’s and add a modern gymnasium.
“Westminster Corporate Center offers a rare, value-add investment opportunity,” Chesler said. “The surrounding Florham Park area enjoys a skilled labor pool and above-average incomes, making a strategic location for notable office occupiers as well as world-class healthcare facilities. The new owners come into a favorable situation being able to offer a superior product and the most competitive rent in the Florham Park market.”
Westminster Corporate Center is close to routes 10 and 24 and Interstates 78, 280 and 287.
“We are extremely excited about our new position in this historically vibrant Florham Park market,” said JD Moore, a representative of the investment group that purchased the campus. “We have seen this market activity outpace other submarkets significantly during COVID especially in terms of long-term commitment.
“Our investment team is looking forward to carrying out our capital improvement plan consisting of new grand glass facades, state-of-the-art gymnasium, modernized lobbies and lounge facilities. We understand the evolving office environment and are excited to provide bespoke builds for all new prospects seeking space at competitive below-market rents.”
Tina Traster is a freelance writer and the editor of Rockland County Business Journal. She is also a former business writer for Crain’s New York Business, real estate writer for the New York Post and staffer at the Bergen Record.
