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155 Passaic Avenue Purchased in Joint Venture by Bergman Realty and Manhattan Management.
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Michael
Bergman, Vice President of Leasing and Marketing for
Bergman Real Estate Group, announced the purchase of
the 88,000 square foot, 155 Passaic Avenue in a joint
venture partnership with Manhattan Management Company.
Situated on 3.91 well-landscaped acres, the fully leased,
4-story, Class-A office building is considered one
of the premier corporate addresses in Fairfield. |
The building is an impressive headquarters space with an exterior of white pre-fabricated cement panels featuring a continuous wrap-around band of glass. The recently renovated lobby and glass entrances make the interior equally striking, highlighted by a spectacular four-story sky lit atrium that has new granite, high quality millwork, and acoustical ceilings. Built in 1984, 155 Passaic Avenue offers superior construction and has also been rewired for high-speed Internet access.
Tenants also enjoy the convenience of being located immediately adjacent to the Essex County Airport and in close proximity to Interstate 80 and Routes 23 and 46. The property is in the desirable Route 23/Route 46 sub-market of Essex County, south of I-80 and is accessible to a wide range of amenities including hotels, restaurants, shops, several parks, and country clubs.
Jerome Bergman, President and CEO, and Michael DiFede, Director of Business Development, represented the Bergman Realty/Manhattan Management joint venture in this $10.6 million acquisition. Real estate broker, David Simson, President of GVA Williams Real Estate, represented the super-regional REIT, Reckson Associates, in the marketing and sale of the property.
North Brunswick based Bergman Real Estate Group is a professional,
family owned real estate firm that specializes in the acquisition,
ownership, management, leasing and construction supervision
of office buildings for itself and its joint venture partners.
Similarly, Manhattan Management based in Brooklyn, New York
is a family real estate company, which owns and manages garden
apartments and office buildings throughout the metropolitan
area as well as in Louisiana and Oklahoma City. "This acquisition marks the fifth joint venture between our firms, which now comprises seven office properties," explains Jerry Bergman. "We
have developed a very close working relationship with Manhattan
Management, which has resulted in several successful investments
over the past six years."
"Bergman Real Estate Group seeks to create joint venture partnerships for the purpose of acquiring real estate with upside potential for higher cash yields and value appreciation," says Michael DiFede. "Our role here (155 Passaic Ave) will be to continue to provide institutional-type management for solid on-going returns, and a steady growth in value in the future." Primary tenants include Liberty Mutual Insurance Company, Aptegrity and Grubb & Ellis
Company.
The majority of Bergman's joint venture acquisitions involve
maximizing the value of a property through its focused and
disciplined management and leasing efforts. Bergman's hands-on
management style has resulted in a high level of tenant satisfaction
throughout all its properties, allowing the firm to
continually maintain maximum occupancy at the current market rents.
Since its formation in 1988, Bergman has successfully acquired
over 24 commercial properties including 10 garden apartment
properties containing 3,500 units in Houston, Texas, and 14
office buildings in Houston and New Jersey containing over
1.3 million square feet of office space.
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• 155 Passaic Avenue Purchased in Joint Venture by Bergman Realty
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