The deal was brokered by the Tri-State Investment Team of CB Richard Ellis, led by Steven Bardsley and Lynn DeMarco. The duo represented Aetna in the marketing and disposition of the property.

Terms of the sale, including the price, were not disclosed. Bergman financed the purchase with an acquisition loan from the Bank of New York, according to the company's vice president of leasing and marketing, Michael Bergman. BONY has been a primary lender for most of Bergman's acquisitions since the company was founded in 1988, totaling over two dozen commercial properties worth more than $200 million.

Fairfield 80 Office Center, named for its proximity to I-80, will get a new life of sorts in the wake of the sale. "It will be re-introduced into the marketplace as a multi-tenant rental property after having been solely owned and occupied by Aetna/US Healthcare for the past 12 years," according to Michael DiFede, Bergman's director of business development and acquisitions.

Aetna Life will continue to have a presence at the atrium-style building, however, occupying the first two floors, or about 43,000 sf. Terms of its lease with the new owners were similarly not disclosed. Meanwhile, the top two floors totaling 67,000 sf will be available for lease, according to DiFede.

"Despite the current slow leasing velocity throughout most of New Jersey's commercial office markets, we saw this building as an excellent opportunity to control one of the largest blocks of ready-to-go office space in this submarket," Bergman explains. "The building offers outstanding potential for value appreciation."

The 67,000 sf hitting the leasing market is equally divided between the top two floors, according to Bergman. Most of that is configured in an open-space layout with some perimeter offices.

The company's portfolio includes 15 office buildings totaling more than 1.5 million sf of space, along with 10 apartment complexes containing some 3,500 units. The latter are all located in the Houston area.

Instant Insights /

Bergman Venture Buys 110,000-SF Office Complex

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