Trophy office building trades in Florham Park, New Jersey
JLL Capital Markets completes the sale of 180 Park Avenue
MORRISTOWN, N.J., October 20, 2020 – JLL Capital Markets announced today that it has closed the sale of 180 Park Avenue, a three-story, Class A office building totaling 228,000 square feet in Florham Park, New Jersey.
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 Avenue in Morristown, New Jersey.
According to Mark Meisner, principal of The Birch Group, “180 Park Avenue 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 Avenue 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.
For more news, videos and research resources on JLL, please visit our newsroom.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Vision Properties
Vision Properties is a commercial real estate owner and developer with assets up and down the east coast and owns and manages over 8MM sf of office assets. They partner with Family Office Groups, HNW individuals along with institutional investors. For more information, please visit: vision-properties.com.
About The Birch Group
The Birch Group is a privately-owned real estate investment firm that specializes in the acquisition, financing, disposition, and operation of prime commercial assets across the United States. Based out of the Hudson Valley Region in New York, the Birch Group focuses on the retail, office and industrial sectors. For more, please visit: birchgroupllc.com.