325 Columbia Turnpike in Florham Park — Courtesy: Cushman & Wakefield
By Joshua Burd
Mack-Cali Realty Corp. has shed another suburban office building in Morris County, inking the sale of a nearly 170,000-square-foot property in Florham Park.
Cushman & Wakefield, which brokered the transaction, announced Thursday that The Birch Group has purchased 325 Columbia Turnpike from the real estate investment trust. The capital markets team noted that the three-story, 168,144-square-foot building is 85 percent leased to 13 tenants, boasting a location just off Route 24 and minutes from Interstate 287.
C&W’s Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso and Seth Zudiema represented Mack-Cali in the sale and procured the buyer. Terms were not disclosed.
“This opportunity drew a tremendous amount of investor interest and tour activity due to its location, size and profile,” Bernhaut said. “Ultimately, The Birch Group stepped up during a very competitive bid process and was able to execute on all fronts.”
According to Mark Meisner, president of The Birch Group, the Nanuet, New York-based investor was attracted to the property’s resiliency.
“Despite significant near-term rollover risk, we remained confident in our ability to implement a value-add strategy,” he said. “This is a great building in a location that is extremely convenient for its occupiers, evident by exceptional historical occupancy figures.”
Sitting on 15 acres, 325 Columbia Turnpike has a fully renovated cafeteria, a sky-lit atrium lobby, on-site tenant storage and covered executive parking. C&W also touted the site’s location directly across from Morristown Airport and two minutes from downtown Florham Park.
“All parties involved were able to work together through various major leasing components during the contract period,” DiTommaso said. “The collaborative effort on behalf of both the buyer and the seller was essential in getting this deal pushed across the finish line.”