Bergman buys another Mack-Cali suburban office asset

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Mack-Cali has sold 7 Giralda
Farms, a three-story, 236,800 s/f Class A office building on 20 acres of landscaped
grounds in Madison, New Jersey.

Woodbridge, NJ-based Bergman Real Estate Group formed a joint venture with Eightfold Capital to make its fourth acquisition from the REIT as it disposes of its suburban office portfolio.

 “We were pleased to sell the property to the
Bergman organization which has consistently proven to be a reliable buyer and a
pleasure to work with, and 7 Giralda was no exception,” said Ricardo
Cardoso, executive vice president and CIO of Mack-Cali.

Bergman was represented by
Mitchell Berkey and Joseph Zawila of the law firm Chiesa, Shahinian and
Giantomasi PC (CSG). Acquisition financing made by Scott Goldberg of Shem Creek
Capital was arranged by JLL’s New Jersey Capital Markets team of Michael Klein,
Greg Nalbandian and Gerald Quinn.

Developed in 2000, 7 Giralda Farms  is one of seven buildings within the 1.15
million SF Giralda Farms Corporate Campus, a gated 310-acre office campus set
on the former Geraldine Rockefeller Dodge Estate.

Conceived and originally developed in the early 1990s by Prudential, Giralda Farms is recognized as one of the tristate area’s most prestigious office locations and is home to many prestigious companies, including Prudential, Leo Pharma, Inc., Merck, Pfizer, AbbVie and Atlantic Health Systems.

MICHAEL BERGMAN

“We are very excited about
this newest addition to our portfolio,” said Michael Bergman, President and CEO
of Bergman Real Estate Group. “7 Giralda is a quality asset situated in one of
the most beautiful office settings you will find in all of New Jersey. What we
really like are the flexible floor plates that can accommodate large users as
well as smaller to medium tenants, making this one of the first true
multi-tenanted buildings within the Giralda Farms campus.”

7 Giralda has a two-story
atrium entrance,  6,000 s/f café and terrace
patio seating area overlooking the Giralda Farms grounds. Tenants and their
employees also have use of a 3,000 s/f fitness center and underground parking.

Bergman has plans to further
improve the building through a $3.6 million capital improvement program to upgrade
all common areas, including the lobbies, restrooms, café and fitness center, as
well as to bring new amenities to the property. These include an executive lounge
with seating, collaboration and entertainment areas;  a conference and training center, coworking
offices, hospitality-style outdoor seating areas and outdoor recreational
facilities such as Bergman’s Bike Share program and other fun and healthy
activities for employees to take advantage of the outdoor spaces at 7 Giralda.

“As the office market
continues to improve with companies and their employees returning to the
workplace, we believe 7 Giralda Farms offers one of the best amenity-rich,
scenic office environments in all of New Jersey,” said Bergman. “7 Giralda
truly exemplifies the best of quality for corporations looking for the ideal
work-play balance for the health and well-being of their employees.”

Mack-Cali acquired 7 Giralda
Farms as part of a six-building portfolio a portfolio is purchased from RXR
Realty for $368 million in 2017.

In April, 2021, it sold 51, 101, 103 and 150 JFK Parkway in Short Hills to The Birch Group for $255 million. A partnership of Pentaurus and Lord Fisher Capital acquired the vacant 141,000 s/f property, 3 Giralda Farms for $7.9 million last summer. 1 Giralda was sold to a partnership between Onyx Equities, Taconic Capital Advisors, Axonic Capital and Machine Investment Group as part of a 10-building portfolio sale that netted Mack-Cali $158 million.

MAHBOD NIA

During Mack-Cali’s first
quarter earning report, CEO Mahbod Nia said he was pleased with Mack-Cali’s
performance and start to 2021 despite the challenging environment.

“We continued to streamline
our portfolio through the disposal of $547 million of suburban office sales,
executed a number of leases in our Harborside campus, and grew our multifamily
platform with the launch of two new communities. We remain focused on
simplifying our business, leasing and strengthening our balance sheet while
managing our overhead.”

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