MADISON, NJ—CBRE's Institutional Properties team of Jeffrey Dunne, Kevin Welsh, Brian Schulz and Frank Maresca, and Alec Monaghan, of the firm's Global Corporate Services unit, represented Maersk in the sale of 2 Giralda Farms, in Madison, for $53.3 million. The team also identified the buyer, American Realty Capital Global Trust Inc.
“The property provides American Realty Capital Global Trust with a world-class office building that is 100 percent net leased on a long-term basis and secured by an investment grade tenant. The property's distinct headquarters quality design and iconic location ensure the long-term appreciation of this trophy asset,” says Welsh.
2 Giralda Farms is a 146,000-square-foot trophy office building originally designed as a build-to-suit for the North American headquarters of Maersk and features headquarters quality finishes and infrastructure along with a broad base of amenities. The property was sold with a long-term lease that the tenant will use as its global corporate headquarters. Maersk, which remains committed to the Morris County market, relocated its North American headquarters nearby to 180 Park Avenue in Florham Park.
The property is situated on about 20 acres within the iconic Giralda Farms office park. The prestigious park is set on 310 acres with five office buildings totaling 1.1 million sq. ft. The property is highlighted by preserved woodlands and trails and features private gated access. Located three miles from Route 24, it is accessible to I-78, and I-80/I-287. The strength of the property's location is further illustrated by its proximity to three NJ Transit train stations, along with access to outstanding restaurants, lodging and arts and entertainment in downtown Madison and Morristown.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
