Eagle Rock Executive Center IV, 120 Eagle Rock Avenue, East Hanover, NJ
EAST HANOVER, NJ— Ramapo, NY-based Northeast Capital Group has acquired the Eagle Rock Executive Office IV, a 178,000-square-foot, class A office building at 120 Eagle Rock Avenue, East Hanover, NJ, from Boxer Property. Financial details were not disclosed.
Eagle Rock Executive Office IV is located just off Interstate 280 in Northern New Jersey's Essex County. Situated within a three-building office park, the three-story building is approximately 79%-leased to tenants including Prudential Insurance Company of America, Kessler Foundation and GFK. Recent renovations at the property include upgraded interior finishes and the addition of a “Tenant Center”, which features a new cafeteria, conference rooms, tenant lounge and fitness center. The property also features co-working space in approximately nine percent of the space, which has served as an incubator for tenants growing into larger units.
A Holliday Fenoglio Fowler investment advisory team representing the seller included senior managing directors Kevin O'Hearn and José Cruz and senior directors Stephen Simonelli and Michael Oliver.
“We're thrilled to have assisted Boxer Property with the successful execution of their business plan,” O'Hearn says. “Since we sold the property to them several years ago, they have made significant capital improvements, which resulted in an increase in occupancy, including several noteworthy tenants. Additionally, we're happy to have closed another property with Northeast Capital and help them expand their portfolio into the office sector.”
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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].
