Premier Office Building to be Marketed by Top-Producing New Jersey-Based Team
SHORT HILLS, N.J. (August 9, 2012) – RXR Realty LLC (“RXR”), a leading real estate operating and investment company in the New York Tri-State region, today announced that it has retained CBRE, Inc. as the exclusive leasing agent for 1 Giralda Farms, a 150,000-square foot, four-story trophy-quality office building located within New Jersey’s most prestigious office campus – the 375-acre Giralda Farms in Madison, N.J.
Set on the former Geraldine Rockefeller Dodge estate, 1 Giralda Farms has a dramatic glass atrium and offers magnificent views of the pristine campus. The building’s flexible and expansive floor plates provide for numerous corner offices and executive suites, many of which open onto private terraces. Virtually 100 percent of employee parking is covered, and the building’s amenities are on par with its trophy status, including a gourmet cafeteria, fitness center, conference/training center, and inviting indoor/outdoor seating areas.
The building can currently accommodate space requirements up to 100,000 square feet.
“CBRE has assembled a first-rate team with extensive multi-market experience to manage the leasing for 1 Giralda Farms, and we are confident that their expertise will drive strong activity for this one-of-a-kind building,” said Todd Rechler, Co-COO of RXR and President of RXR Construction and Development. “This property benefits from an exceptional location and a host of desirable on-site amenities, and provides tenants with a prestigious business address that fosters a high-quality corporate image.”
Added Sam Buckley, Senior Vice President of Leasing for RXR: “New Jersey, with its skilled labor pool, continues to be a desirable location for companies looking to maintain their competitive edge, and this property is strongly positioned in the market to address the requirements of these discerning firms.”
CBRE Senior Managing Director Jeffrey Hipschman, Senior Vice President Leo Paytas and First Vice President Nick Savage are leading the assignment. Additionally, CBRE Vice President Adam Englander, Senior Associates Robert Norton and Conor Denihan, Associate Todd Ward and Client Services Specialist Erin Wenzler will support leasing and marketing efforts.
“RXR is a world-class landlord that has an established, industry-leading reputation for impeccable management of its properties, and 1 Giralda Farms is a strong reflection of the company’s track record of excellence,” said Paytas. “The ownership is committed to funding significant capital improvements at this building so that it may continue to meet the needs of today’s modern companies, and we anticipate strong interest from a variety of tenants in the opportunities that are currently available.”
Noted Savage: “CBRE is honored to be selected as the exclusive leasing agent for this trophy asset, and we look forward to educating both local and national occupiers on the value of the Giralda Farms property and the remarkable attributes of this exceptional building.”
The Giralda Farms campus, which serves as the headquarters location for several blue-chip companies including Pfizer, Maersk and Quest Diagnostics, is located on Madison Avenue and is just minutes from numerous top dining, hotel and shopping destinations in Morristown and Short Hills. It offers direct access to Routes 24 and 287 and is minutes from the Morristown Airport, and approximately 20 minutes from Newark Liberty International Airport. There is a daily private shuttle available for making the 1.5-mile trip to Convent Station for Midtown direct trains to and from New York City, Hoboken and other points north and south.
RXR Realty LLC (“RXR”) is a vertically integrated, private real estate company with expertise in investment management, property management, development, design, construction, leasing and financing. RXR’s core growth strategy is focused on New York City and the surrounding tri-state area markets. RXR is one of the largest owners, managers, and developers in the New York tri-state area, with interests in approximately $4.7 billion of assets, comprised of 106 operating properties containing approximately 18.0 million square feet. For information about RXR, visit www.rxrrealty.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
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Published: August 13, 2012
Filed Under: Acquisition
The RXR platform manages 72 commercial real estate properties and investments with an aggregate gross asset value of approximately $17.7 billion, comprising approximately 23.1 million square feet of commercial operating properties and approximately 6,300 multi-family and for sale units in various stages of development in the New York Metropolitan area. Gross asset value compiled by RXR Realty in accordance with company fair value measurement policy and is comprised of capital invested by RXR and its partners, as well as leverage.