The Birch Group has picked up another of Mack-Cali’s suburban New Jersey office properties, this time the 265,649 s/f 4 Gatehall Drive in Parsippany.
The company paid $25.3 million for the Class A property whose roster of corporate headquarters tenants include B&G Foods, McCabe Heidrich & Wong, GSH Group and Esseco USA.
Cushman & Wakefield served as the exclusive advisor to The Birch Group in the procurement of $31,310,000 in acquisition financing for 4 Gatehall. The three-year loan was provided by Money360. A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Chuck Kohaut, TJ Sullivan and Meredith Donovan represented the borrower.
“The property’s high-quality tenancy, prestigious corporate location and best-in-class sponsorship drove a highly competitive capital markets execution,” said Alascio. “We’re grateful for the opportunity to represent The Birch Group in the financing of this exciting acquisition.”
4 Gatehall has a recently renovated amenity package including a full-service cafeteria, fitness center and conference facility. The Birch Group will be continuing capital improvements with extensive updates to the building’s exterior and full upgrades to the property’s front and rear lobbies, restrooms and common areas.
“As we continue to expand our portfolio of trophy office assets in key markets throughout the state, we’ll remain steadfast in our hands-on and diligent approach to asset management,” said Christopher DeLorenzo, executive vice president at The Birch Group. “With recently upgraded amenities and our additional improvements at 4 Gatehall combined with the property’s prime location in the heart of the Morris County business corridor, we see tremendous upside with this asset.”
The Birch Group has acquired nearly $800 million of commercial office assets since 2019, including a four-building portfolio in Short Hills, NJ is bought from Mack-Cali for $255 million in April.