The deal was actually one of two separate building sales engineered by the Chatham, NJ-based Garibaldi Group on behalf of the seller, whose identity was not disclosed. The other building sold by the firm is located in suburban Philadelphia.

For Garibaldi, the deal was put together by Jeffrey J. Toia, senior vice president and director; Jeffrey J. Garibaldi, president; Gerald E. Moore Jr., managing director of financial services; and Gerald A. Bower Jr., vice president, capital markets. GVA Williams represented ADP in the transaction.

Terms of the sale, including the sale price, were not disclosed. However, industry sources estimate that the building likely traded for a number in the $25-million range. It had been listed exclusively with Garibaldi without an asking price.

"This transaction represented an opportunity where a major corporation was able to acquire a quality headquarters-grade property at a price below reproduction cost, and in a proven submarket," according to Toia.

Constructed back in the mid-70s as a build-to-suit project, the two-story v-shaped complex was occupied for a number of years by Prudential Insurance Co. Situated on a 63-acre site near Interstates 80, 280 and 287, the property has also been given preliminary expansion approval for another 90,000 sf, according to Toia.

Features of 71 Hanover Rd. include a 6,500-sf computer room, a classroom/training lab, several conference rooms, a helipad and more than 800 parking spaces. The asset underwent a series of major upgrades during the 1990s, according to Toia.

Instant Insights /

ADP Buys 219,000-SF Office Building

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