Bergman Real Estate joint venture acquires Giralda Farms office building from Mack-Cali

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Joint venture Bergman Real Estate Group and Octal capital has acquired the 7 Giralda Farms office building in Madison, Bergman said in a press release this week.

Bergman of Woodbridge said the business had acquired the building from Mack-Cali Realty Corp.

The three-story Class A building covers an area of ​​236,800 square feet. It is one of seven buildings on Giralda Farms’ 1.15 million square feet corporate campus on the former Geraldine Rockefeller Dodge estate.

“We are very excited about this newest addition to our portfolio,” said Michael Bergman, CEO and President of Bergman Real Estate Group, in a prepared statement. “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 slabs that can accommodate large users as well as small and medium tenants, making this one of the first truly multi-unit buildings on the Giralda Farms campus. ”

It says Bergman is planning a $ 3.6 million overhaul campaign to improve the hotel’s common areas.

“As the office space market continues to improve and companies and their employees return to work, we believe 7 Giralda Farms offers one of the finest luxury and scenic office environments 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.”

The deal represents Bergman’s fourth acquisition from a real estate investment fund.

“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,” said Ricardo Cardoso, executive vice president and chief investment officer, Mack-Cali, in a statement.

Bergman was represented by Chiesa, Shahinian & Giantomasi PC. The acquisition was funded by Shem Creek Capital and arranged by JLL’s Capital Markets team in New Jersey.

Lease options range from 4,000 to 5,000 square feet to larger areas of 36,800 square feet and even a full 80,000 square feet, Bergman said.



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