180 Park Ave. in Florham Park — Courtesy: The Garibaldi Group
By Joshua Burd
A joint venture has appointed The Garibaldi Group as its leasing team for a newly acquired, 220,000-square-foot office building in Florham Park.
Brokers with the firm will represent Vision Properties and The Birch Group in the assignment at 180 Park Ave., where ownership plans to rebrand and reposition the building as companies strategize their return to the office. Jeff Garibaldi Sr. and Jackie Madden will lead the effort.
“We’re excited for the opportunity to represent such a high-quality property,” said Madden, who will serve as the project lead for the assignment. “We’re especially excited to do so under the new leadership of a fresh and innovative team in Vision Properties and The Birch Group.”
In a news release, the firms noted that 180 Park Ave. is home to tenants such as Maersk, Nature’s Bounty and Exeltis. It also sits within The Green at Florham Park, a master-planned mixed-use campus with users such as Summit Medical Group, the Archer Hotel and the New York Jets.
The assignment comes amid Garibaldi’s recent role as the office leasing team for Bell Works in Holmdel and after the launch of The Station, its own co-working space at its Chatham headquarters. It also recently sold Alnwich Hall, a property at 355 Madison Ave. in Madison, to Restoration Hardware.
“Garibaldi’s reputation in the market is outstanding and the team presented an impressive plan to motivate and execute leasing at the property that us as owners could get behind,” said Dave Milewski, Vision Properties’ Northeast vice president. “We are very excited to partner with them on this project.”
Garibaldi, The Garibaldi Group’s president, said “there still remains a great deal of uncertainty in the office market, but we’re seeing activity starting to buzz.”
“The reason being is that most companies are out considering all of their options right now and, with the infrastructure of this building, and the aesthetic appeal of the campus, 180 Park Avenue is a major contender for any potential tenant in the market,” he said.
Vision and The Birch Group purchased the building last fall, seizing on its highway access and its location within the affluent Morris County submarket. It also has amenities such as an on-site cafeteria and coffee bar, fitness and conference centers and an outdoor patio.
“Situated at The Green at Florham Park and located minutes from downtown Morristown, 180 Park Avenue has tremendous potential to attract a wide range of companies and their talent,” said Mark Meisner, The Birch Group’s CEO and founder. “We look forward to bringing The Garibaldi Group on board and welcoming new companies to this property over the coming months.”
The team is marketing spaces ranging from 7,000 to 41,000 square feet, touting the advantages of direct leasing opportunities over the vast amount of sublease space available on the market.
“Our take is that, in an uncertain office market like the one we are currently in, going direct is actually a significantly better option for the majority of tenants,” Madden said. “The most obvious reasons are that you can better customize the lease to fit your needs and timeframe, as well as get tenant improvement dollars to make the space your own.
“However, a more relevant reason is the expectation that many landlords may look to reposition their assets over the next 12 to 18 months and if you have a sublease in a building that changes ownership, you may not only find yourself without any leverage moving forward, you actually might find yourself without an office when the sale is completed.”