HFF closes the $10.95 million sale of a 177,820 s/f class A office building in East Hanover, NJ
EAST HANOVER, NJ – HFF announced that it has closed the $10.95 million sale of Eagle Rock Executive Office IV, a 177,820 s/f, class A office building in East Hanover, a township in northern New Jersey 15 miles northwest of Newark.
HFF marketed the property on behalf of the seller, Griffin Capital Essential Asset REIT, Inc. (GCEAR). Boxer F3, LLC purchased the property free and clear of existing debt, and Boxer Property will manage and lease the building.
The three-story Eagle Rock Executive Office IV is situated on 15.25 acres at 120 Eagle Rock Ave. in the northern New Jersey office market, which is the sixth largest office market in the U.S. The asset is part of the three-building Eagle Rock Executive Park and has frontage along I-280 and is accessible via Eisenhower Parkway and Ridgedale Ave. The building features a granite and reflective glass curtain wall facade, two-story atrium, full-service cafeteria and adjacent pond with fountains. Tenants include Prudential; GfK US Holdings; CAI; Fishman McIntyre; PC; and John Van Deusen & Associates.
The HFF investment sales team was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, senior real estate analyst Marc Duval and supported by senior managing director Andrew Scandalios.
“Boxer’s purchase of 120 Eagle Rock allows them to begin their expansion into New Jersey with a class A asset in growing Morris County,” Cruz said.
“Boxer performed exceptionally well and GCEAR and its sponsor, Griffin Capital Corporation, were pleased with the disposition of this non-core asset,” O’Hearn said.