FAIRFIELD, N.J. (April 21, 2001) – 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.