Short Hills Office Buildings Part Of $368M Swap, Among NJ’s ‘Largest Ever’ Sales

SHORT HILLS, NJ — A portfolio of six office properties in North Jersey comprising more than 1.1 million square feet – including multiple properties in Short Hills and Madison – recently sold for $368 million, one of the “largest office portfolios to ever trade in the state,” according to stakeholders.

Holliday Fenoglio Fowler (HFF) announced last week that it marketed the property exclusively on behalf of the seller, RXR Realty, and procured the buyer, Mack-Cali Realty Corporation.

The 91-percent-leased portfolio includes 51, 101 and 103 JFK Parkway in Short Hills and 1, 3 and 7 Giralda Farms in Madison, according to HFF.

Current tenants at the properties include KPMG, Wells Fargo, Merrill Lynch, UBS, Dun & Bradstreet, Investors Bank, Citibank, Franklin Mutual Advisors, Pfizer and Prudential.

All of the properties are located in the high growth Route 24 Corridor, which is close to the residential communities of Millburn, Summit, Livingston, Chatham and Florham Park, HFF stated.

“These are the best suburban office assets in the New Jersey market and they had not traded in well over a decade,” stated HFF Senior Managing Director Jose Cruz. “In particular, 51 JFK Parkway, is widely regarded as such, with significant upside in the rents… Short Hills, Madison, and Whippany lead the suburban New Jersey markets in investor demand. The buyer performed extremely well and they will benefit from significant growth in that submarket.”

“This acquisition signifies Mack-Cali’s substantially expanded presence in the affluent Short Hills submarket—positioning us as the owner of nearly all of the Class A office space, as well as some of the most premier assets in the Madison submarket,” Mack-Cali President Michael DeMarco said.

Photo of 51 JFK Parkway in Short Hills: HFF

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