Holliday Fenoglio Fowler, L.P. (HFF) announced the sale of Eagle Rock Executive Office IV, a 178,000-square-foot, Class A office building in East Hanover.
HFF represented the seller, Boxer Property, in the transaction. Ramapo, New York-based Northeast Capital Group purchased the asset.
Eagle Rock Executive Office IV is located at 120 Eagle Rock Avenue just off Interstate 280 in Northern New Jersey’s Essex County. Situated within a three-building office park, the three-story building is approximately 79 percent leased to notable tenants, including Prudential Insurance Company of America, Kessler Foundation and GFK. Recent renovations at the property include upgraded interior finishes and the addition of a “Tenant Center”, which features a new cafeteria, conference rooms, tenant lounge and fitness center. The property also features co-working space in approximately nine percent of the space, which has served as an incubator for tenants growing into larger units.
The HFF investment advisory team representing the seller included senior managing directors Kevin O’Hearn and Jose Cruz and senior directors Stephen Simonelli and Michael Oliver.
“We’re thrilled to have assisted Boxer Property with the successful execution of their business plan,” O’Hearn stated. “Since we sold the property to them several years ago, they have made significant capital improvements, which resulted in an increase in occupancy, including several noteworthy tenants. Additionally, we’re happy to have closed another property with Northeast Capital and help them expand their portfolio into the office sector.”
HFF and Holliday GP Corp. are licensed New Jersey real estate brokers.
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