In the largest transaction Maersk Inc. signed a long-term lease for a total of 115,316 sf. The North American affiliate of Danish conglomerate AP Moller-Maersk, which serves as that company's agent for shipping interests Maersk Sealand, Maersk Logistics and APM Terminals, is expanding its operations in the US, as well as its presence within the Giralda Farms corporate campus.
"Our North American headquarters is currently located at 2 Giralda Farms," says Bill Kidwell, the company's director of real estate. "We are able to accommodate our growing business by expanding our corporate operations to 7 Giralda Farms."
The Florham Park-based Gale Co. was represented in-house by Jim Nugent, vice president of leasing, who handled all four of the recent signings. Maersk was represented by Peter Blanchard, a principal of the Chatham-based Garibaldi Group/Corfac International. "Maersk is our long-term client," according to Blanchard.
In the second transaction, Atlantic Mutual Insurance Co., a mutual company owned by its policyholders, took 31,000 sf in the building. The company is actually relocating within Giralda Farms, moving to the 7 building from smaller quarters on the campus. Atlantic Mutual was represented by Bill Brown and Marc Rosenberg of Cushman & Wakefield of NJ, East Rutherford.
In the third deal, Acordia East is relocating from nearby Morristown to a 25,000-sf space in the Gale asset. Headquartered in Chicago, the insurance brokerage firm is a subsidiary of Wells Fargo. Peter Yannotta and Sam Horowitz of Equis Corp. spoke for Acordia East.
Finally, Wyeth Pharmaceutical, which already has space at 5 Giralda Farms, has taken an additional 32,000 sf at the 7 building. Garibaldi's Blanchard also repped Wyeth in the signing.
Altogether, the Giralda Farms corporate campus totals one million sf of class A office space on 370 acres in Morris County. Its various buildings are under separate ownership, and the campus recently scored a coup when Reckson Associates Realty bought the vacant 141,000-sf 3 Giralda Farms and quickly signed Daiichi Pharmaceutical to a full-building lease. "The completion of these leases reflects the continued momentum and strength of the New Jersey office market, and the economy as a whole," says Mark Yeager, president of the Gale Co.
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