Rockefeller Group Announces Build-to-Suit Office Development at The Green at Florham Park

On Apr 11, 2017

Rockefeller Group, a leading global real estate owner, developer and investor, announced it has selected Cushman & Wakefield as the exclusive leasing agent for a new build-to-suit office property at The Green at Florham Park, the company’s 268-acre, master-planned development home to the New York Jets, BASF’s North American Headquarters and Summit Medical Group.

The Cushman & Wakefield team of Raymond P. Trevisan and William O’Keefe is managing the assignment to market the property, designed to be one of the most sustainable office developments in New Jersey. Rockefeller Group will pursue LEED certification for the property, which has zoning approved for up to 300,000 square feet of office space at 110 Park Avenue.

Rockefeller Group’s marketing of the build-to-suit project is propelled by a robust office leasing market in Northern New Jersey. According to Cushman & Wakefield’s most recent MarketBeat research report for New Jersey, during the first-quarter of 2017, Northern New Jersey’s office market saw 1.4 million square feet of leasing velocity, representing a 33.7 percent increase over the first quarter of 2016.

“We’re extremely proud of what we’ve already accomplished at The Green at Florham Park, and we’re confident that 110 Park Avenue will be an excellent addition to the urban-inspired destination we’re creating,” said Clark Machemer, senior vice president and regional development officer for Rockefeller Group’s New Jersey/Pennsylvania operations. “Florham Park has truly become a prime destination for office, hotel, multifamily, retail and recreation, and we’re thrilled to play a role in the community’s continued reinvention.”

Most recently at The Green, Rockefeller Group broke ground on the highly anticipated, state-of-the-art Summit Medical Group MD Anderson Cancer Center, which will be adjacent to Summit Medical Group’s existing medical center facility, BASF’s North American headquarters and the New York Jets training facility.

Also at The Green, Rockefeller Group is partnering with Korman Communities on AVE Florham Park, a flexible-stay communityfeaturing 256 corporate suites that will be ideal for corporate housing and relocations.  In addition, LodgeWorks Partners, L.P. is developing the ARCHER Hotel, one of the only new-build hotel projects in Morris County in recent years. The boutique property, located adjacent to the Summit Medical building, will feature 161 guest rooms and suites, as well as a neighboring retail site with opportunity for local or national restaurant tenants.

“With Class A asking rents that are among the strongest in suburban New Jersey, Morris County remains one of the strongest office markets in New Jersey, and the significant amount of recent development activity in Florham Park is a testament to this fact,” stated Trevisan, who serves as an executive managing director of Cushman & Wakefield. “Given the prestige of The Green, its key location, and its accessibility to numerous area amenities, we expect to see strong interest from a wide range of prospective tenants.”

Additional plans for The Green at Florham Park include a 425-unit active-adult residential community, to be developed by Pulte Homes on 100 acres at the eastern portion of the site.

Click here for a video regarding the development opportunity.

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