CBRE announces $53.3M Sale of 2 Giralda Farms, Madison

On Aug 25, 2014

CBRE Group, Inc. announces that Jeffrey Dunne, Kevin Welsh, Brian Schulz and Frank Maresca, of CBRE Institutional Properties combined with Alec Monaghan, of the firm’s Global Corporate Services, to represent Maersk Inc. (“Maersk”) in the sale of 2 Giralda Farms, in Madison, for $53.3 million. The team was also responsible for procuring the buyer, American Realty Capital Global Trust, Inc.

2 Giralda Farms is a ±146,366-square-foot trophy office building that was designed as a build-to-suit for the North American headquarters of Maersk and features headquarters quality finishes and infrastructure along with a broad base of amenities. The property was sold with a long-term lease that the tenant will use as its global corporate headquarters. Maersk remains committed to the Morris County market and has relocated its North American headquarters nearby to 180 Park Avenue in Florham Park.

The property is situated on 20± acres within the iconic Giralda Farms office park. The prestigious park is set on 310 acres consisting of five trophy quality office buildings totaling 1.1 million sq. ft. This bucolic setting is highlighted by preserved woodlands and trails and features private gated access. Its exceptional location three miles from Route 24 provides prime accessibility to I-78, as well as the intersection of I-80/I-287. The strength of the property’s location is further illustrated by its proximity to three NJ Transit train stations, along with access to outstanding restaurants, lodging and arts and entertainment in Downtown Madison and Morristown.

Mr. Welsh commented: “The property provides American Realty Capital Global Trust with a world-class office building that is 100 percent net leased on a long-term basis and secured by an investment grade tenant. The property’s distinct headquarters quality design and iconic location ensure the long-term appreciation of this trophy asset.”

CBRE Institutional Properties specializes in the sale of investment properties in the suburban markets surrounding New York City, and also around the United States. CBRE Institutional Properties services a prestigious client base of institutions, corporations, private investors, developers and REITs and has closed more than $9 billion in property sales in all property types over the last five years.

CBRE Institutional Properties has a number of attractive investment opportunities currently on the market including: 45 Waterview Boulevard, a 106,680-sq.-ft., long term net leased office building, in Parsippany, NJ; 400 Plaza Drive, a 258,459-sq.-ft. office building, in Secaucus, NJ; the Technology Centre of New Jersey, a 336,689-sq.-ft. technology campus, in North Brunswick, NJ; One Sony Drive, a 220,877-sq.-ft. office building, in Park Ridge, NJ, and Rivercrest Apartments, a 234-unit apartment property, in Wappingers Falls, NY.

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