JLL Capital Markets has closed the sale of 180 Park Ave., a three-story, Class A office building totaling 228,000 square feet in Florham Park.
JLL represented the seller and procured the buyer, a joint venture between Vision Properties and the Birch Group. This is the second JV between Birch and Vision Properties, after the highly successful acquisition of 350 & 360 Mt. Kemble Ave. in Morristown.
According to Mark Meisner, principal of the Birch Group, “180 Park Ave. is one of the highest quality assets in the submarket and current ownership has done a phenomenal job upgrading the building to meet the needs of today’s corporations.”
David Milewski of Vision Properties added, “We are very excited to add this asset to our growing portfolio with the Birch Group and emulate the success we achieved at the Mt. Kemble property. We will be aggressively implementing our business plan and further differentiate the asset from its competitive set.”
The property is located on a 26.6-acre site at 180 Park Ave. within The Green at Florham Park, a 268-acre master planned development that is home to Summit Medical Group, MD Anderson and the New York Jets, among other companies. Located in the heart of Morris County, the property has immediate access to Route 24 with connections to Interstates 78 and 287. 180 Park Avenue is 75% leased and anchored by Maersk Inc., the world’s largest container shipping company, which utilizes the property for its headquarters. Built in 2001, the property has been institutionally maintained and features a recently renovated atrium lobby with coffee bar, full-service cafeteria, fitness center, common area conference room, tenant lounge, outdoor patio seating and covered executive parking.
The JLL Capital Markets team representing the seller included Senior Managing Directors Jose Cruz and Kevin O’Hearn and Senior Directors Steve Simonelli and Michael Oliver.
“We had a great response to the offering given the strong location and significant future upside,” Cruz added. “Suburban New Jersey office continues to attract significant investment capital.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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