PARSIPPANY, NJ (July 14, 2016) – Bergman Real Estate Group announced today its acquisition of 4, 5 and 6 Century Drive, a three building office campus totaling 280,000 square feet located within the Mack-Cali Business Campus in Parsippany, New Jersey.
The HFF NJ Investment sales team of Jose Cruz, Kevin O’Hearn and Marc Duval marketed the property on behalf of the seller, Mack-Cali Realty Corporation, and procured the buyer, a joint venture partnership between Bergman Real Estate Group and Time Equities, Inc. The properties were sold free and clear of debt for a price of $15,000,000.
“We are very excited about our latest acquisition with Time Equities” explains Michael Bergman, President of Bergman Real Estate Group. We have immediately rebranded the property as “Century Office Campus” and we have great plans to upgrade the common areas and amenities in the complex, including a first class, state-of-the-art Lounge/Conference Room/Co-Working Suites with lots of collaborative work areas and other specialty rooms, such as an art studio, game room and massage therapy room.”
The property is located near the intersection of Route 10 and Route 202 and in close proximity to three of the state’s most highly traveled highways – Interstates 287, 80 and 280. This places the property within a 35-minute drive of New York City and surrounded by corporate neighbors including Tiffany’s, Medicines Co., T-Mobile, Wyndham, GAF and Avis, among others.
Built in 1981, Century Office Campus features include a full-service cafeteria, storage spaces, on-site building management and a picturesque courtyard with a fountain and patio seating. The neighboring Mack-Cali Business Campus t offers additional amenities including a Bright Horizons child care center, a Hilton hotel, a Residence Inn by Marriott hotel and restaurants including Ruth’s Chris Steak House. A new Wegman’s grocery store and several adjacent restaurants are currently under construction in the park.
The buildings were 50% leased at acquisition, including a new 20,000 SF lease that will be occupying 6 Century in October. “These assets are very well-located in the Parsippany office market and we feel they represent a tremendous value add opportunity upon stabilizing the occupancy” explains Michael Difede, Director of Acquisitions.
About Bergman Real Estate Group
Founded in 1988, Bergman Real Estate Group is a privately owned, full-service real estate investment and management company, with more than 28 years of operating history in New Jersey and other select markets. The company’s fully integrated platform includes acquisition, ownership, asset and property management, leasing and construction supervision. Bergman, which has built its success on acquiring and successfully repositioning underperforming properties, currently owns and manages 18 office buildings comprising 2.1 million square feet.
About Time Equities, Inc.
Founded in 1966, privately-held Time Equities, Inc. (TEI) has been in the real estate investment, development and asset & property management business for 50 years. With properties in 26 states, four Canadian provinces, Germany and the Netherlands, the TEI portfolio consists of approximately 23.4 million square feet of residential, industrial, office and retail property.