MADISON, NJ – HFF has arranged the $75 million mortgage for Realogy Corp.'s new headquarters in Madison, obtaining a ten-year, fixed-rate loan through Cantor Commercial Real Estate Lending.
The loan will be used to retire existing construction financing that HFF had secured for The Hampshire Companies in late 2011. Hampshire did a gut rehab of an existing structure to create Realogy's 270,000-square-foot office at 175 Park Avenue
Realogy Corp. owns residential real estate firms Coldwell Banker, Century 21, ERA and Sotheby's International Realty.
The office, located near State Route 24 and Interstate 287 adjacent to BASF and the New York Jets headquarters, was completed in March. It was built to LEED silver standards and has a fitness center, full-service cafe, and conference/team room facilities.
The HFF team representing Hampshire was led by Jon Mikula and Michael Klein. HFF is based in Florham Park.
In addition, HFF announced Monday that Mikula and Paul Brindley have arranged $31 million in financing for a New Jersey industrial portfolio.
The 1.1 million square feet of property is situated in the northern New Jersey towns of Elizabeth, Edison and Bayonne.
Working on behalf of a joint venture between Cohen Asset Management and New York Life Investment Management, HFF placed the seven-year, fixed-rate acquisition loan with Principal Real Estate Investors. HFF sold the assets to the borrower as part of a larger portfolio in 2012.
The portfolio, located near Port Newark/Elizabeth, Newark International Airport and major roadways including Interstate 95/The New Jersey Turnpike and Interstates 78 and 287, is 99% leased.
Cohen Asset Management is a California-based owner and operator of commercial property with a primary focus on the industrial real estate. It has a regional office in northern New Jersey.
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