Colliers (NASDAQ and TSX: CIGI), the leading global commercial real estate services firm, announces it has arranged the sale of the Westminster Corporate Center, a corporate office campus at 30 A & B Vreeland Road, Florham Park, New Jersey. A Colliers team led by Jacklene Chesler, Patrick Norris and Joe Lane brokered the deal.
The 15.35-acre corporate office campus consists of twin, three-story buildings, totaling 158,583 square feet of space. Both properties feature 27,000-square-foot rectangular floor plates that can accommodate a variety of corporate tenants. The campus boasts a central courtyard with beautifully landscaped grounds as well as covered parking and eco-conscious solar panels. Following renovations this fall, Westminster Corporate Center will also include new pickleball and basketball courts, while building B will boast an upgraded lobby and a state of the art gymnasium and facilities. The campus is an attractive value-add opportunity given its average tenancy is sitting at 7.2 years and rents are below market.
“Westminster Corporate Center offers a rare, value-add investment opportunity,” said Chesler. “The surrounding Florham Park area enjoys a skilled labor pool and above-average incomes, making a strategic location for notable office occupiers as well as world-class healthcare facilities. The new owners come into a favorable situation being able to offer a superior product and the most competitive rent in the Florham Park market.”
“We are extremely excited about our new position in this historically vibrant Florham Park market. We have seen this market activity outpace other sub-markets significantly during COVID especially in terms of long term commitment,” said JD Moore. “Our investment team is looking forward to carrying out our capital improvement plan consisting of new grand glass facades, state of the art gymnasium, modernized lobbies, and lounge facilities. We understand the evolving office environment and are excited to provide bespoke builds for all new prospects seeking space at competitive below market rents. We’re big believers in the need for office space and the vital role that it plays for our tenants and businesses. There is no substitution for the collaboration, creativity, and personal interaction that occurs in person at an office — so we will focus our efforts on creating spaces that foster just that. From an investment standpoint we believe that while the older, outdated inventory will continue to decline, demand for the best in class spaces will continue to thrive as has been the case for the past decade.”
Westminster Corporate Center is strategically located within close proximity to Routes 10 and 24 and Interstates 78, 280, and 287. The properties are well-positioned for easy commutes from any surrounding area and only a 45-minute drive to Manhattan.
Colliers completed the sale in conjunction via Ten-X, a leading online, end-to-end transaction platform for commercial real estate.