200 Park Place in Florham Park — Courtesy: HFF
By Joshua Burd
The owners of a four-building, 354,381-square-foot office campus in Florham Park are seeking a buyer for the property after completing a series of upgrades over the past two years.
Known as Park Place, the 30-acre campus is 95 percent leased to nearly two dozen tenants, according to HFF, which is marketing the property for sale. Those tenants include RBC Capital Markets, Fairleigh Dickinson University, Santander Bank, M&T Bank and others.
HFF is working on behalf of Normandy Real Estate Partners, hoping to tap into the recent demand by investors for high-end office buildings along the affluent Route 24 corridor. The property — made up of 200, 210, 220 and 230 Park Place — sits just off the highway and offers quick access to interstates 287 and 78.
Originally built in 1973 for ExxonMobil, Park Place was gut-renovated in 2001. And HFF said Normandy has completed nearly $4 million of capital improvements over the past two years, helping attract some 118,000 square feet in leasing activity during that time.
In a property summary, HFF also touted the complex’s amenities, high parking ratio and free shuttle service to the Convent Station train station. Along with the presence of tenants such as Fairleigh Dickinson, which occupies a full building, nearby companies and users include BASF Corp.’s North American headquarters, Realogy and Summit Medical Group.
The brokerage firm also pointed to Park Place’s proximity to towns such as Madison and Morristown, along with amenities such as The Mall at Short Hills.