The five-story office building sits on a seven-acre site within Hartz's Harmon Cove mixed-use development in the Meadowlands. The building is currently 75% leased, with a roster of 11 office and three retail tenants. Lead tenants of the property are the Bank of New York, International Paper and St. Jude Medical SC.

Hartz recently completed a $2-million capital reinvestment program on the asset, which was built in 1981. Improvements included replacing the building's façade, renovating its common areas and upgrading its mechanical systems.

"The recent capital invested in the building, coupled with the dynamic changes occurring in the Meadowlands bode very well for Bergman with this asset," says Jeffrey R. Dunne of CB Richard Ellis' Tri-State Investment Team. Dunne and colleague Jeffrey J. Oram represented Hartz and brought also brought the buyer to the deal.

"This was a smooth process," Dunne says. "We were able to close the transaction within 45 days." Michael DiFede, director of acquisitions for Bergman Real Estate, represented the Bergman/Edison partnership in the deal.