JV Purchases NJ Trophy Office Asset
JLL represented the seller and procured the partnership of Vision Properties and the Birch Group as the buyer of the renovated, 228,000-SF property.
FLORHAM PARK, NJ – The joint-venture partnership of Vision Properties and the Birch Group has acquired the 228,000-square-foot, class A office building, 180 Park Ave, in Florham Park, NJ.
The three-story property is currently 75% leased and anchored by the headquarters of the world’s largest container shipping company, Maersk Inc.
Originally built in 2001, 180 Park Ave features a recently renovated atrium lobby, a full-service cafeteria, fitness center, common area conference room, tenant lounge, outdoor patio seating and covered executive parking.
Situated on a 26.6-acre site, the office building is located within The Green, a 268-acre master planned development. The Green is also home to Summit Medical Group, MD Anderson and the New York Jets, as well as other companies. The property offers immediate access to Rte. 24.
The acquisition represents the second joint-venture transaction between Vision Properties and the Birch Group. The partners previously acquired 350 and 360 Mt. Kemble Ave in Morristown, NJ.
“180 Park Avenue is one of the highest quality assets in the submarket and current ownership has done a phenomenal job upgrading the building to meet the needs of today’s corporations,” says Mark Meisner, principal of the Birch Group.
“We are very excited to add this asset to our growing portfolio with the Birch Group and emulate the success we achieved at the Mt. Kemble property,” states Vision Properties’ David Milewski. “We will be aggressively implementing our business plan and further differentiate the asset from its competitive set.”
JLL capital markets’ senior managing directors, Jose Cruz and Kevin O’Hearn and senior directors, Steve Simonelli and Michael Oliver represented the seller in the transaction. JLL additionally procured the buyer for the acquisition.