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FLORHAM PARK, NJ-The 132,000-sf, two-building office complex at 25 A&B Hanover Rd. in this Morris County community has been sold for $16.6 million, which factors out to approximately $126 per sf. The seller was TR Koll Florham Park, Corp., an entity controlled by KBS Realty Advisors of Newport Beach, CA. The buyer was 25 Hanover Road LLC, a local entity controlled by the Silverman Group.

In the transaction, the seller was represented by Jeffrey Dunne, Kevin Welsh and Jeffrey Oram of CB Richard Ellis New York Tri-State Investment Team, who collaborated with Greg Barkan of CBRE’s Saddle Brook office. Douglas Gaffney of the Roseland office of the Schultz Organization brought the buyer to the table.

The complex’s A and B buildings amount to 66,268 sf and 65,311 sf respectively on a 12.5-acre site near Interstates 287, 80, 78 and 280. At the time of the sale, the combined buildings were just over 83% leased. Major tenants on-site include RBC Dain Rauscher, a Minnesota-based securities firm that utilizes its space as a regional office; Datacor Inc., a producer or ERP software for the chemical, pharmaceutical and bio-tech fields that’s based here; the market research and business intelligence firm Synovate; and MediFit, a fitness management services firm that uses the site as its headquarters.

“The property is strongly differentiated by its market position to accommodate small- to mid-size tenants,” Dunne says. “This is a market that has historically catered to larger block users.”

CBRE’s New York Tri-State Investment Team, meanwhile, is currently marketing several other properties in the region. Among them are One Garrett Mountain, a 174,728-sf office building in West Paterson, NJ; Glenbrook at Century Hills, a 400-unit apartment community in Rocky Hill, CT; Yonkers Shopping Center, a 56,000-sf retail strip in Yonkers; and Perryville III, a 288,500-sf office building in Perryville, NJ.

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