MADISON, N.J., August 02, 2021 – Bergman Real Estate Group, a full-service real estate company based in Woodbridge, New Jersey, announced the acquisition of 7 Giralda Farms in Madison, New Jersey, a three-story, Class A office building comprising 236,800 square feet across 20 acres of meticulously landscaped grounds.
The acquisition is a joint venture between Bergman and Eightfold Capital. The partnership acquired the building from Mack-Cali, making this Bergman’s fourth acquisition from the commercial REIT. “We were pleased to sell the property to the Bergman organization which has consistently proven to be a reliable buyer and a pleasure to work with,” said Ricardo Cardoso, Executive Vice President and CIO of Mack-Cali, and 7 Giralda was no exception.”Bergman was represented by Mitchell Berkey and Joseph Zawila of the law firm Chiesa, Shahinian and Giantomasi PC (CSG). Acquisition financing made by Scott Goldberg of Shem Creek Capital was arranged by JLL’s New Jersey Capital Markets team of Michael Klein, Greg Nalbandian and Gerald Quinn.
Developed in 2000, 7 Giralda Farms is one of seven buildings within the 1.15 million SF Giralda Farms Corporate Campus, a gated 310-acre office campus set on the former Geraldine Rockefeller Dodge Estate. Conceived and originally developed in the early 1990s by Prudential, Giralda Farms is recognized as one of the tristate area’s most prestigious office locations and is home to many prestigious companies, including Prudential, Leo Pharma, Inc., Merck, Pfizer, AbbVie and Atlantic Health Systems.
“We are very excited about this newest addition to our portfolio,” said Michael Bergman, President and CEO of Bergman Real Estate Group. “7 Giralda is a quality asset situated in one of the most beautiful office settings you will find in all of New Jersey. What we really like are the flexible floor plates that can accommodate large users as well as smaller to medium tenants, making this one of the first true multi-tenanted buildings within the Giralda Farms campus.”
The property is strategically located along Madison Avenue, approximately 1.5 miles from downtown Madison and three miles from downtown Morristown, offering easy access to two train stations and the convenience of numerous restaurants, stores, banks and hotels within minutes. The property can be accessed from multiple roadways and is within five minutes of the Route 24 and Columbia Turnpike interchange (Exit 2),offering convenient access to I-287, I-80, I-78 and Route 10.
7 Giralda boasts an attractive two-story atrium entrance with beautiful granite and wood accent finishes. The building offers its tenants first-class amenities, including a 6,000 SF full-service café and abundant seating, which leads out to a beautiful terrace patio seating area overlooking the spectacular Giralda Farms grounds. Tenants and their employees will also enjoy use of the 3,000 SF fully equipped fitness center with upscale locker rooms. The most unique amenity that tenants will benefit from is that all parking is located underground for all tenant employees.
Bergman has plans to further improve the building through a $3.6 million capital improvement program to upgrade all common areas, including the lobbies, restrooms, café and fitness center, as well as to bring new amenities to the property. These include:1) an executive lounge with comfortable seating, collaboration and entertainment areas; 2) a state-of-the art conference and training center; 3) coworking offices; 4) hospitality-style outdoor seating areas; and 5) outdoor recreational facilities such as Bergman’s Bike Share program and other fun and healthy activities for employees to take advantage of the great outdoor spaces at 7 Giralda.
“As the office market continues to improve with companies and their employees returning to the workplace, we believe 7 Giralda Farms offers one of the best amenity-rich, scenic office environments in all of New Jersey,” says Bergman. “7 Giralda truly exemplifies the best of quality for corporations looking for the ideal work-play balance for the health and well-being of their employees.”
There are currently several available leasing opportunities, ranging from smaller spaces of 4-5,000 SF to larger spaces of 36,800 SF with the potential to accommodate a full-floor user of 80,000 SF. Prospective tenants and brokers can call John Osborne or Isabel Freire of Bergman Real Estate Group’s leasing department at (732) 855-8600 or visit the website at bergmanrealty.com
About Bergman Real Estate Group
Bergman Real Estate Group is a privately owned, full-service real estate investment and management company. With more than 33 years of history operating in New Jersey and other select markets, Bergman has earned a solid reputation as a reputable and trustworthy owner/manager. 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 under-performing properties, currently owns and manages 22 office buildings comprising 2.25 million square feet.
