180 Park Ave. in Florham Park — Courtesy: JLL
By Joshua Burd
A joint venture has acquired a 228,000-square-foot office building in Florham Park, under a newly announced deal by JLL’s New Jersey capital markets group.
The brokerage team represented the undisclosed seller in the transaction at 180 Park Ave., a three-story complex off Route 24. Vision Properties and The Birch Group purchased the asset for an undisclosed price, touting its location within a 268-acre master-planned development.
Jose Cruz and Kevin O’Hearn, both senior managing directors with JLL, led the sales team alongside senior directors Steve Simonelli and Michael Oliver. Matthew Schiller of Murphy Schiller and Wilkes LLP also represented the seller.
“We had a great response to the offering given the strong location and significant future upside,” Cruz said. “Suburban New Jersey office continues to attract significant investment capital.”
In a news release, JLL said the deal marks the second joint venture between Birch and Vision Properties, following their successful acquisition of 350 and 360 Mount Kemble Ave. in Morristown. Of their newest acquisition, Birch Group Principal Mark Meisner said 180 Park “is one of the highest-quality assets in the submarket,” adding that the seller “has done a phenomenal job upgrading the building to meet the needs of today’s corporations.”
The property sits on 26.6 acres within The Green at Florham Park, a sprawling development that is also home to Summit Medical Group, MD Anderson Cancer Center and the New York Jets, among other users. Shipping giant Maersk Inc. anchors the building, which is 75 percent leased and features recently renovated common spaces and amenities.
“We are very excited to add this asset to our growing portfolio with The Birch Group and emulate the success we achieved at the Mount Kemble property,” David Milewski of Vision Properties said. “We will be aggressively implementing our business plan and further differentiate the asset from its competitive set.”