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Deals & Dealmakers

Multi-million-dollar repositioning unveiled at 3 Giralda Farms in Morris County, New Jersey

A joint venture between private real estate companies Lord Fisher Capital and Pentaurus Properties has unveiled a multi-million-dollar repositioning at 3 Giralda Farms.

The partnership has also retained JLL as the exclusive leasing agent for the four-story, 141,000-square- foot, Class-A corporate headquarters opportunity located in the iconic Giralda Farms campus in Madison, New Jersey.

“3 Giralda Farms has enjoyed a storied past as a landmark property,” said Brandon Rolnick, managing member of Lord Fisher Capital. “We are thrilled to embark on this modernization to create a model facility that will appeal to forward-thinking companies seeking suburban office space with the type of urban characteristics that make 3 Giralda stand out as the premier asset in the region.”

Managing director David Stifelman and associate vice president Mike Pietrowicz are partnering on the assignment with support from JLL New Jersey’s office agency broker lead, Tim Greiner. Stifelman said interest is already building among users attracted to the property’s central location between two highly desirable downtowns in Madison and Morristown, as well as a top-to-toe renovation that puts a premium on amenities designed to attract and retain talent.

“3 Giralda Farms, an iconic building in an extraordinary location, is receiving the best new start imaginable,” said Greiner. “With work now underway, we are excited by the interest we are already seeing from building users seeking a headquarters presence in a newly-renovated property with an unrivalled location.”

Lord Fisher Capital and Pentaurus Properties acquired the former Quest Diagnostics headquarters building in August 2020 in their first joint venture in Morris County. Together, they own and manage commercial buildings in Northern New Jersey and Southern Florida with a combined asset value of over $550 million and a team of over 50 employees.

The JV retained renowned architecture firm Gensler to re-design the 1990s-era property to meet the demands of a future workforce by opening up outdated floorplans and renovating the façade and entryway while supercharging amenities to prioritize employee wellness.

The multi-million-dollar renovation project will include modernizing the building’s spectacular double- height glass atrium and connecting it to the visitor lobby with a new executive staircase. The property’s backyard patio will be expanded to include entertainment and collaboration space and incorporating amenities throughout the sprawling backyard. The plans also include upgrading existing amenities like the full-service café, best-in-class conference center, and fitness center. An overhaul of building infrastructure will include upgraded HVAC systems with MERV-13 filtration; all new mechanical and BMS systems; and the construction of a 220-space, bi-level parking garage with green roof and landscaping.

Dana Nalbantian, Principal with design firm Gensler, said, “Tenants continue to demand quality in the workplace and seek a modern, amenity-rich building. With an iconic property like 3 Giralda Farms, our focus is on respecting the past while looking to the future with the kind of building amenity design that complements a company’s culture to inspire and enrich their employee workplace experience.”

3 Giralda Farms is located within one of the Garden State’s most magnificent campuses. Once part of the late Geraldine Rockefeller Dodge estate, the bucolic 310-acre property adjoins Loantaka Brook Reservation, an 883-acre recreational park with 10 miles of hiking trails and immediate access to biking, cross-country skiing, fishing, hiking, snowshoeing, horseback riding and athletic fields.

Positioned directly off Route 124 in Morris County, and proximate to Interstate 287 and Route 24, 3 Giralda Farms offers easy access to Interstates 78, 95 (NJ State Turnpike) and the Garden State Parkway. The property is a five-minute drive from downtown Madison, recognized by New Jersey Monthly as the number-one town in the state, and seven-minutes from Morristown with its shopping, dining, entertainment, and a direct-to-midtown-Manhattan NJ transit line. The property is less than 30 minutes from Newark Liberty International Airport and approximately 45 minutes from New York City.

Noting recent corporate relocations to the region by Deloitte, Valley Bank and Cigna, Pietrowicz added, “The area provides employers access to highly educated, skilled labor, along with a growing millennial population. Its connectivity to New York, and proximity to highways and airports, makes it one of the most convenient locations for employers and employees in the region.”

JLL is a leader in the northern/central New Jersey commercial real estate market, with more than 1,260 professionals and support staff providing agency leasing and property marketing, tenant representation, industrial services, strategic consulting, occupancy planning, workplace strategies, project and development services, property and facility management, and investment sales/capital markets debt and equity services to New Jersey’s leading corporate tenants, investors and landlords. The firm, which assists clients from five full-service offices in Parsippany, Iselin (Metropark), Princeton, Morristown, and East Rutherford, also acts as a local service provider for JLL’s global and national corporate clients in need of real estate assistance in New Jersey. NJBiz ranked JLL’s New Jersey operations as the No. 1 commercial real estate brokerage in the Garden State in 2021.

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