180 Park Ave. in Florham Park — Courtesy: JLL
By Joshua Burd
The recent buyers of a nearly 230,000-square-foot office building in Florham Park have landed $30 million in financing, according to brokers who arranged the transaction.
The borrowers, Vision Properties and The Birch Group, secured the loan in connection with their recent purchase of 180 Park Ave., a three-story property near Route 24. Brokers with JLL sourced the three-year, floating-rate financing through CBRE Global Investors.
“This non-recourse financing demonstrates there is still very attractive debt capital for best-in-class sponsors who have a proven track record despite the market headwinds created by COVID,” said Greg Nalbandian, a senior managing director with JLL. “CBRE Global Investors did an outstanding job recognizing the merits to this financing and delivered a market leading deal.”
In a news release, JLL noted that the 228,350-square-foot building is 75 percent leased and anchored by Maersk Inc, the world’s largest container shipping company. The property features a recently renovated atrium lobby with coffee bar, full-service cafeteria, fitness center and studio, outdoor patio seating and covered executive parking, offering proximity to the region’s major highways and other destinations in Morris County.
The 26.6-acre property is also part of The Green at Florham Park, a 268-acre master-planned development that is home to Summit Medical Group, MD Anderson Cancer Center and the New York Jets, among other users.
“180 Park Avenue is a high-quality asset in suburban New Jersey with robust tenancy and strong sponsorship from Vision Properties and The Birch Group,” said Charles Kim, a senior director with CBRE Global Investors. “Our team was pleased to be involved in this transaction that benefited from great relationships with both JLL and the borrower from inception through closing.”
Vision Properties Asset Manager David Milewski led the closing efforts, adding: “We were very pleased with the efforts made by JLL and CBRE Global Investors in the timely and efficient execution of this transaction, particularly given the ongoing pandemic.”