NEW PROVIDENCE, NJ– Bergman Real Estate Group and its affiliated company, Garden State Office Properties, have acquired a 112,000-square-foot office building located at 121 Chanlon Road in New Providence, NJ, with a vehicle managed by Rialto Capital Management, a wholly owned subsidiary of Lennar Corporation. Steven Schultz of Newmark Grubb Knight Frank represented the seller, Reed Elsevier, in the transaction, while Michael Difede, director of acquisitions and Michael Brody, principal of Garden State Office Properties, represented Bergman.

“We are very excited about this new acquisition,” says Michael Bergman, president of Bergman Real Estate Group. “This is a well-constructed, quality building that is brand new to the Summit/New Providence office market, within walking distance to the Murray Hill Train Station and nearby retail and fitness facilities. We believe this provides an attractive opportunity to companies seeking a suburban, transit-oriented location with amenities for their employees.”

121 Chanlon Road is part of a two-building office complex known as the New Providence Business Campus, which has been owned and occupied by Reed Elsevier and served as a corporate headquarters for Reed Elsevier's LexisNexis and Martindale-Hubbell divisions. As part of a sale-leaseback transaction, Reed Elsevier consolidated into the two-story building, located at 630 Central Avenue, while at 121 Chanlon Road, Martindale will continue to occupy a full floor of 35,000 square feet. Additionally, Bergman has announced a new full-floor lease with Phoenix Marketing Group.