30 Vreeland Road in Florham Park — Courtesy: Colliers International
By Joshua Burd
The owner of a two-building, 145,000-square-foot office complex in Florham Park has appointed Colliers International as its leasing agent for the property.
The brokerage team said the campus, 30 Vreeland Road, is undergoing a $1 million upgrade aimed at creating an environment suited for a post-COVID workplace. Colliers Executive Managing Director Richard J. Madison, Associate Director Jack Callahan and Associate Conor Ryan are leading the assignment on behalf of a New Jersey-based private equity firm, as they market spaces ranging from 2,000 to roughly 30,000 square feet.
The announcement follows the current owner’s acquisition of the property last year.
“Our team is very excited to be working on this assignment under new ownership and look forward to reintroducing 30 Vreeland Road to the market,” Madison said. “Ownership was able to acquire the two-building complex at a low basis, giving them the financial flexibility needed to be aggressive within the market.”
According to Colliers, upgrades at 30 Vreeland will include updated elevator cabs, new common bathrooms and revamped common areas and lobbies. Plans also call for renovated outdoor common areas and collaboration spaces with new furniture, along with landscaping improvements such as new walking paths around the 15-acre building complex, which sits on 15 acres of greenery.
Additionally, ownership is exploring food service options with an employee lounge to be incorporated into the building. The improvements are slated to be complete by the third quarter, as the landlord looks to capitalize on a location near Route 24 and access to other major highways.
“The modern office has changed as a result of the pandemic, with organizations today prioritizing upgraded facilities and amenities like outdoor collaboration areas,” Callahan said. “Ownership is in tune with these demands and its capital improvement program is sure to attract a variety of world-class corporate users. As companies begin to re-evaluate their real estate portfolios post-COVID and adapt to the future of the new office workplace, we’ve already seen an uptick in demand over the past three months with various sized users seeking low cost alternatives within the market requiring flexible lease terms.
“We feel 30 Vreeland Road, Florham Park is in a prime position to take advantage of current market conditions by offering flexible floor plates with existing infrastructure that can accommodate various sized office users within the market at aggressive/favorable lease terms.”