175 Park Ave., Madison, NJ
MADISON, NJ— Gulf Islamic Investments, LLC of the United Arab Emirates has acquired the headquarters of Realogy here from The Hampshire Companies.
The transaction for the 270,000-square-foot office building at 175 Park Ave. in Madison, NJ was reported by Morristown, NJ-based The Hampshire Companies. The building, completed in 2012, is situated on more than 15 acres in the heart of Morris County. No financial terms of the transaction were disclosed.
“Amidst international economic uncertainty and an increase in global investor interest in alternative investments, we have seen an uptick in foreign investment firms, particularly those in the Gulf, looking to acquire stabilized Class-A office products in the United States,” says Norman Feinstein, vice chairman of The Hampshire Companies. “Our sale of 175 Park Avenue allowed us to realize substantial value from this asset while providing Gulf Islamic Investments with an ideal opportunity to deploy capital in line with their investment strategy for the United States real estate market.”
GII is a financial services company regulated by the Emirates Securities and Commodities Authority managing $2.5 billion in assets and securing $5.5 billion in debt and in excess of $1 billion in equity.
The property was previously home to an outdated Verizon call center building. The Hampshire Companies undertook an ambitious adaptive reuse project to dramatically transform the property into a Class-A headquarters office space for one of NJ’s largest companies.
“Typically, pursuing the complete redevelopment of an office building at the height of a market downturn runs contrary to prevailing real estate wisdom. However, our ability to see real estate through a different lens allowed our firm to recognize a unique opportunity in the market back in 2012 and create one of New Jersey’s most valuable office buildings,” says James E. Hanson II, -resident and CEO of The Hampshire Companies.
He adds that the sale of the building “exemplifies the strength of our vision for the property and our ability to create value across property types and economic climates.”
Real estate services firm Realogy provides brokerage, franchising, relocation, mortgage and title and settlement services delivered through its industry brands Better Homes and Gardens Real Estate, CENTURY 21, Climb Real Estate, Coldwell Banker, Coldwell Banker Commercial, Corcoran Group, ERA, Sotheby’s International Realty as well as NRT, Cartus, Title Resource Group and ZapLabs. The property has served as its corporate headquarters since its opening in 2013.
The Class A office building features a number of amenities, including a fitness center, full-service cafe, and conference/team room facilities. 175 Park Ave. also boasts cutting edge green roof technology and state-of-the-art energy-efficient mechanical systems that have earned it a LEED Silver Certification.
Since its completion, 175 Park Ave. has been the recipient of several awards including Best Refurbished Building – Bronze Medal (MIPIM 2014), Design Award (AIA New York State 2014), Honor Award (AIA New Jersey 2013), Americas: and Best Commercial Development (International Property Award 2013).
The law firm Drinker Biddle & Reath LLP of Philadelphia advised The Hampshire Cos. in the transaction with Gulf Islamic Investments.
|Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
