Bergman’s 238,000 s/f 7 Giralda Farms reaches 100% occupancy
MADISON, NJ — Bergman Real Estate Group announced that 7 Giralda Farms, a 238,000 s/f class A office building in Madison has reached 100% occupancy. This milestone follows a successful repositioning that began when Bergman Real Estate Group acquired the property in July 2021.
The achievement follows the signing of two recent pharmaceutical transactions: a long-term renewal by LEO Pharma for 33,000 s/f and a new 7,736 s/f lease with Spanish pharmaceutical company Esteve Pharmaceuticals.
The Cushman & Wakefield leasing team of Bill Brown, Joshua Cohen and Heather Polhamus have executed 18 leases totaling 222,000 s/f at the property, attracting a well-blended mix of pharmaceutical companies, law firms, wealth management companies and family offices.
“From the moment we acquired 7 Giralda Farms, we believed in the property’s potential,” said Michael Bergman, president and CEO of Bergman Real Estate Group. “We knew that with the right capital investment, strong ownership, an experienced leasing agent and a focused leasing strategy, 7 Giralda could distinguish itself in the market as a best-in-class office building. Reaching 100% occupancy speaks to the strength of that vision and the invaluable partnership we’ve had with our investor partner, Eightfold Real Estate Capital, Cushman & Wakefield, and our lender, Shem Creek Capital.”
Bergman acquired 7 Giralda Farms when the building was 60% occupied by only two tenants. Bergman embarked on a multimillion-dollar capital improvement program designed by Studio 1200. Improvements included renovations to the two-story atrium lobby, cafeteria and fitness center, along with new indoor and outdoor gathering areas, a conference and training center, yoga room, employee lounge/game room and nine-hole disc golf course.
The property also offers full under-building parking for all tenant employees.
The property’s major transformation helped attract some of the region’s most prominent law firms, including Riker Danzig, Saiber, Kelley Drye & Warren, and Wilson Elser, as well as pharmaceutical, wealth management and professional service firms that call 7 Giralda their home.
The building’s success comes amid a changing New Jersey office market in which tenants are increasingly looking beyond the space itself to the financial strength and reliability of ownership.
“For years, we’ve always talked about a flight to quality,” said Bill Brown, executive director of Cushman & Wakefield. “Candidly, since 2022, when interest rates spiked, it’s become a flight to capital for tenants seeking landlords that have the capital, experience and professionalism to perform. And in this ownership group, Bergman Real Estate Group and Eightfold Capital clearly demonstrated they had the ability to perform.”
“We have a landlord who has a high trust value in the market with a great financial partner, and tenants just simply wanted to be in the building based on the amenities,” Brown said.
The strength of the surrounding pharmaceutical sector has also played an important role. The Madison-Morristown area offers access to an established pharmaceutical and life sciences talent pool, while changes elsewhere in the industry have made that concentration of experienced professionals increasingly valuable to employers.
7 Giralda is part of the gated 310-acre Giralda Farms Corporate Campus, situated on the former Geraldine Rockefeller Dodge Estate. The property is 1.5 miles from downtown Madison and three miles from downtown Morristown, with convenient access to Rte. 24, I-287, I-80 and I-78 as well as the Madison and Convent Station train stations.
