HFF closes sale of 178K SF Class A office building in 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.”