Mack-Cali sold 7 Giralda Farms, a 236,800 sq. M. Class A three-story office building. M on 20 acres of landscaped grounds in Madison, New Jersey.
“We were delighted to sell the property to Bergman, which has consistently proven itself to be a reliable buyer and a pleasure to work with, and 7 Giralda is no different,” said Ricardo Cardoso, executive vice president and CIO of Mack-Cali.
Bergman was represented by Mitchell Burkee and Joseph Zawila of the law firm Chiesa, Shahinian and Giantomasi PC (CSG). The funding for the acquisition, led by Scott Goldberg of Shem Creek Capital, was organized by JLL’s New Jersey Capital Markets team of Michael Klein, Greg Nalbandian and Gerald Quinn.
The 7 Giralda Farms complex, completed in 2000, is one of seven buildings on SF Giralda Farms’ 1.15 million corporate campus, 310 acres of gated office buildings located on the former Geraldine Rockefeller Dodge estate.
Conceived and originally developed in the early 1990s by Prudential, Giralda Farms is recognized as one of the most prestigious office districts in the tripartite region and is home to many prestigious companies including Prudential, Leo Pharma, Inc., Merck, Pfizer, AbbVie and Atlantic Health. Systems.
“We are very excited about this new addition to our portfolio,” said Michael Bergman, President and CEO of Bergman Real Estate Group. “7 Giralda is a quality asset located in one of the most beautiful office spaces in all of New Jersey. What we really like is the flexible floor tiles that can accommodate both large users and smaller and medium tenants, making this one of the first truly multi-unit buildings on the Giralda Farms campus. ”
7 Giralda has a two-story atrium entrance, a 6,000 square meter café and a patio lounge terrace overlooking the Giralda Farms grounds. The tenants and their staff can also use the 3000 m2 fitness center and underground car park.
Bergman has plans to further improve the building through a $ 3.6 million major renovation program to update all common areas, including lobbies, toilets, cafes and a fitness center, as well as bring new amenities to the property. These include an executive lounge with seating, collaboration and entertainment areas; conference and training center, coworking offices, hospitality-style outdoor seating areas and outdoor recreational areas such as Bergman’s Bike Share program, as well as other recreational and rewarding activities for employees who can take advantage of the open spaces at 7 Giralda.
“As the office space market continues to improve and companies and their employees return to their jobs, we believe that 7 Giralda Farms offers one of the best scenic and wealthy office spaces in all of New Jersey,” Bergman said. “7 Giralda truly embodies the best quality for corporations looking for the perfect balance between work and play for the health and well-being of their employees.”
Mack-Cali acquired 7 Giralda Farms as part of a six-building portfolio that was acquired from RXR Realty for $ 368 million in 2017.
In April 2021, the company sold The Birch Group 51, 101, 103 and 150 to JFK Parkway in Short Hills for $ 255 million. Last summer, a partnership between Pentaurus and Lord Fisher Capital acquired 3 Giralda Farms’ vacant 141,000 properties for $ 7.9 million. 1 Giralda was sold to a partnership between Onyx Equities, Taconic Capital Advisors, Axonic Capital and Machine Investment Group in a 10-building portfolio sale that earned Mack-Cali $ 158 million.
In Mack-Cali’s first quarter income statement, CEO Mahbod Nia said he was pleased with Mack-Cali’s performance and early 2021 despite challenging conditions.
“We continued to optimize our portfolio with $ 547 million in suburban office sales, entered into a number of leases on our Harborside campus, and expanded our multi-family platform with the launch of two new communities. We remain focused on simplifying our business, leasing and strengthening our balance sheet while managing our overheads. ”
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