A rendering of the proposed 300,000-square-foot build-to-suit office building at The Green at Florham Park — Courtesy: Rockefeller Group
By Joshua Burd
The Rockefeller Group is moving ahead with the next piece of its master-planned redevelopment site in Florham Park — a proposed build-to-suit office building that the firm is now marketing to prospective tenants.
The Morristown-based developer said it is working with Cushman & Wakefield, its exclusive leasing agent for the building, in seeking a user of up to 300,000 square feet. The firms have unveiled a rendering and a video to market what would become 110 Park Avenue, the latest piece of the 268-acre site known as The Green at Florham Park.
Raymond P. Trevisan and William O’Keefe of Cushman & Wakefield are managing the assignment for Rockefeller Group, which cited the robust office leasing market in northern New Jersey. The region saw 1.4 million square feet of leasing velocity during the first quarter, according to C&W, representing a 33.7 percent increase over the first quarter of 2016.
Rockefeller Group said it will design the building “to be one of the most sustainable office developments in New Jersey,” adding that it will pursue LEED certification for the property.
“We’re extremely proud of what we’ve already accomplished at The Green at Florham Park, and we’re confident that 110 Park Avenue will be an excellent addition to the urban-inspired destination we’re creating,” said Clark Machemer, senior vice president and regional development officer for Rockefeller Group’s New Jersey/Pennsylvania operations. “Florham Park has truly become a prime destination for office, hotel, multifamily, retail and recreation, and we’re thrilled to play a role in the community’s continued reinvention.”
The new building would join the New York Jets, BASF’s North American headquarters and a Summit Medical Group medical office facility at The Green, the site of a sprawling former ExxonMobile research campus. Most recently, the developer broke ground on a state-of-the-art Summit Medical Group MD Anderson Cancer Center that will be adjacent to the existing buildings.
Rockefeller Group is also partnering with Korman Communities on AVE Florham Park, a flexible-stay community featuring 256 corporate suites geared toward corporate housing and relocations. Meantime, LodgeWorks Partners LP is developing the boutique ARCHER Hotel, adjacent to the Summit Medical building, with plans calling for 161 guest rooms and suites, plus a neighboring retail site with an opportunity for local or national restaurant tenants.
“With Class A asking rents that are among the strongest in suburban New Jersey, Morris County remains one of the strongest office markets in New Jersey, and the significant amount of recent development activity in Florham Park is a testament to this fact,” said Trevisan, as an executive managing director of Cushman & Wakefield. “Given the prestige of The Green, its key location, and its accessibility to numerous area amenities, we expect to see strong interest from a wide range of prospective tenants.”
Additional plans for The Green include a 425-unit active-adult residential community, to be developed by Pulte Homes on 100 acres at the eastern portion of the site.