Shedding another suburban office building, Mack-Cali Realty has sold a Florham Park, New Jersey, property to The Birch Group.
Mack-Cali, a Jersey City, New Jersey-based real estate investment trust, is in the process of selling office properties that are not on the Hudson River waterfront. Terms of its deal to divest 325 Columbia Turnpike, a 168,144-square-foot, three-story office property, to Birch Group weren’t disclosed.
The single Florham Park building attracted a lot of investor interest and tour activity because of its location and size, according to the broker on the sale, Cushman & Wakefield.
“Despite significant near-term rollover risk, we remained confident in our ability to implement a value-add strategy,” Mark Meisner, president of Nanuet, New York-headquartered Birch Group, said in a statement. “This is a great building in a location that is extremely convenient for its occupiers, evident by exceptional historical occupancy figures.”
Mack-Cali just closed on its roughly $160 million sale of 10 office buildings totaling 1.5 million square feet in Morris County, New Jersey, to Woodbridge, New Jersey-based Onyx Equities and its partners.
The Florham Park property is located on a 15-acre site and is 85% leased to 13 tenants. It has a renovated cafeteria, a sky-lit atrium lobby, on-site tenant storage units and executive covered parking.