Birch acquires another Mack-Cali suburban office

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The Birch Group has picked up another of Mack-Cali’s
suburban New Jersey office properties, this time the  265,649 s/f 4 Gatehall Drive in Parsippany.

The company paid $25.3 million for the Class A property
whose roster of corporate headquarters tenants include B&G Foods, McCabe
Heidrich & Wong, GSH Group and Esseco USA.

Cushman & Wakefield served as the exclusive advisor to
The Birch Group in the procurement of $31,310,000 in acquisition financing for
4 Gatehall. The three-year loan was provided by Money360. A Cushman &
Wakefield Equity, Debt & Structured Finance team of John Alascio, Chuck
Kohaut, TJ Sullivan and Meredith Donovan represented the borrower.

“The property’s high-quality tenancy, prestigious corporate
location and best-in-class sponsorship drove a highly competitive capital
markets execution,” said Alascio. “We’re grateful for the opportunity to
represent The Birch Group in the financing of this exciting acquisition.”

4 Gatehall has a recently renovated amenity package
including a full-service cafeteria, fitness center and conference facility. The
Birch Group will be continuing capital improvements with extensive updates to
the building’s exterior and full upgrades to the property’s front and rear
lobbies, restrooms and common areas.

“As we continue to expand our portfolio of trophy office
assets in key markets throughout the state, we’ll remain steadfast in our
hands-on and diligent approach to asset management,” said Christopher
DeLorenzo, executive vice president at The Birch Group. “With recently upgraded
amenities and our additional improvements at 4 Gatehall combined with the property’s
prime location in the heart of the Morris County business corridor, we see
tremendous upside with this asset.”

The Birch Group has acquired nearly $800 million of
commercial office assets since 2019, including a four-building portfolio in
Short Hills, NJ is bought from Mack-Cali for $255 million in April.

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