EDISON TOWNSHIP, N.J. (December 14, 1996) – In their second office building acquisition this year, Bergman Real Estate Group and its joint venture partner, Manhattan Management Company, have recently purchased 510 At Metropark, a 65,000 square foot building located at 510 Thornall Street across from the Metropark train station. The property was purchased from MetLife Realty Group and acquisition financing of $4 million was obtained from First Union National Bank. The Garibaldi Group of Chatham, NJ was the exclusive broker in this transaction.
“We are very excited about this acquisition,” reports Michael Bergman, Vice President of Leasing and Marketing for Bergman Real Estate Group. “510 At Metropark is a perfect compliment to our other recently acquired office building, Woodbridge Towers, located less than a mile away at 555 Route One South. This enables us to compete for a wider range of requirements in two distinct, yet overlapping submarkets.” According to Mr. Bergman, the two buildings combine for 150,000 square feet of good quality office space which caters primarily to small and medium size businesses.
510 At Metropark is an architecturally attractive building clad with white marble and reflective bronze glass facade and built atop of a two-tier parking structure. The unique and efficient design features a large number of desirable corner offices with the convenience of two levels of covered parking. The building was built in 1984 by the architectural firm of Jay R. Saunders and was recently renovated in 1994 to accommodate the arrival of Dean Witter Reynolds, and other quality companies which include Conrail Corp. Deloitte & Touché Consulting Group, Delta Airlines, Holistic Systems, Pomerantz Personnel, Phoenix Home Life Mutual Insurance and Provident Life and Accident Insurance.
“The best feature about this property,” describes Mr. Bergman, “is its excellent location.” The building is situated directly across the street from the Metropark Train Station which is undergoing major expansion by the addition of two parking desks to accommodate over 3,500 commuter parking spaces. Both NJ Transit and Amtrak provide convenient access to New York, Boston, Philadelphia and Washington, D.C.
The building also offers immediate access to the area’s major highways including direct access to the Garden State Parkway , the NJ Turnpike, Routes 1 and 9 and Interstate 287. Other location amenities include the Hilton and Sheraton Hotels, the Menlo Park and Woodbridge Center Shopping Malls and plenty of restaurants, banks and other specialty retail stores, all of which are within close proximity to the property.
“So far, we are very pleased with this purchase,” continues Mr. Bergman. “Since taking over the property in August, we have successfully completed four new leases totaling 7,500 square feet which brings the occupancy of the property to 95%.” Bergman also reports a strong level of activity at their Woodbridge Towers property where six leases totaling 21,500 square feet were completed in 1996 bringing the building’s occupancy to 98%.
“Much of our success is attributable to a dramatically improving office market coupled with a cooperative relationship with the local real estate brokers who know they can rely upon our company to accommodate their requirements in a prompt and professional manner,” explains Bergman.
Based in North Brunswick, Bergman Real Estate Group is a family owned business which specializes in the ownership, management and leasing of office buildings and multi-family apartments on behalf of itself and its investors. The company was formed in 1988 by Jerry Bergman, who spent his entire professional career in the commercial real estate industry. Prior to forming his own company, Mr. Bergman was a partner with the Manhattan-based development firm, Tishman-Speyer Properties, where he created the firm’s in-house management and leasing operation which encompassed over 18 million square feet of office properties in major cities through out the country. Since forming Bergman Real Estate Group, the company has successfully acquired and managed over 3,000 apartment units and five office buildings in excess of 500,000 square feet.
Formed in 1961, Manhattan Management Company owns and manages over 4,000 apartment units in New York, New Jersey, Oklahoma and Louisville. 510 At Metropark represents the firm’s second office building acquisition in joint venture with Bergman Real Estate Group.