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180 Park Ave. in Florham Park — Courtesy: Cushman & Wakefield
By Joshua Burd
Vision Properties and The Birch Group have closed on a long-term refinance of a 228,000-square-foot office building in Florham Park, brokers with Cushman & Wakefield announced.
The property, 180 Park Ave., is just west of Route 24 and minutes from other major thoroughfares, providing quick access for tenants such as Maersk, USI Insurance Services, Citrin Cooperman, Exeltis and Carlton Fields. Vision and Birch acquired the property in 2020, having now secured financing from an undisclosed lender.
Additional terms were not disclosed.
“The successful refinance of this asset confirms the quality of the building and the outstanding roster of credit tenants,” said Anthony Arena, principal of Vision Properties.
David Milewski, the firm’s vice president for the Northeast region, added: “Our new lender, a large life insurance company, is committed to the building and recognizes the value in its prime Florham Park location.”
Cushman’s William O’Keefe, Brian Decillis and Courtney Rosenkrantz make up the property’s leasing team. According to a news release, the building has a full-service café, a fitness center with locker rooms, conference space, outdoor patio space and under-building parking, offering prebuilt and raw spaces for leasing that range from 5,000 to 40,000 square feet.
It’s also just east of the master-planned campus known as The Green at Florham Park, which is home to the New York Jets headquarters and training facility as well as other office users and residential and hospitality offerings.
“This successful refinance provides long-term stability and capital for this asset in a challenging financing environment,” said Chris DeLorenzo, executive vice president of The Birch Group.
JLL: Investors acquire 228,000 sq. ft. office building in Florham Park
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