Eagle Rock Executive Office IV at 120 Eagle Rock Ave. in East Hanover — Courtesy: HFF
By Joshua Burd
A private equity group has acquired a recently upgraded, 178,000-square-foot office building in East Hanover, in a transaction arranged by brokers with HFF.
The capital markets firm on Thursday announced the sale of Eagle Rock Executive Office IV, a three-story building at 120 Eagle Rock Ave., after marketing it on behalf of Boxer Property. Ramapo, New York-based Northeast Capital Group purchased the building for an undisclosed price.
The HFF investment advisory team included senior managing directors Kevin O’Hearn and Jose Cruz and senior directors Stephen Simonelli and Michael Oliver.
“We’re thrilled to have assisted Boxer Property with the successful execution of their business plan,” O’Hearn said. “Since we sold the property to them several years ago, they have made significant capital improvements, which resulted in an increase in occupancy, including several noteworthy tenants.
“Additionally, we’re happy to have closed another property with Northeast Capital and help them expand their portfolio into the office sector.”
Located off Interstate 280, Eagle Rock Executive Office IV is part of a three-building office park, HFF said. The property is about 79 percent leased to notable tenants including Prudential Insurance Co. of America, Kessler Foundation and GFK.
Recent renovations at the property include upgraded interior finishes and the addition of a tenant center, which features a new cafeteria, conference rooms, tenant lounge and fitness center, according to a news release. The property also features co-working space in roughly 9 percent of the space, which has served as an incubator for tenants growing into larger units.