CBRE Announces $24.5 Million Sale Of 25 Hanover Road In Florham Park, Nj

CBRE announced today the $24.5 million sale of 25 Hanover Road, a 100% leased, 132,737 sq. ft. office park in Florham Park, NJ. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Fahri Ozturk, Rich Gatto, Travis Langer, and Daniel Blumenkrantz of CBRE’s Institutional Properties Group represented the seller, The Silverman Group. CBRE also procured the buyer, a privately held real estate company.

The two Class A buildings are situated in a park-like setting ideally located just minutes from downtown Florham Park. The property has maintained a stellar occupancy of over 90% for more than 10 years. 25 Hanover Road offers a diverse tenant roster with a strong commitment to the property with two of the largest tenants being in occupancy for over 15 years.

Jeremy Neuer commented, “The Silverman Group has done a tremendous job maintaining a high-quality asset and strong relationships with the tenants evidenced by the superb historical occupancy. The buyer was diligent in pursuing the asset because they are committed to the market, having acquired a nearby asset in 2021. 25 Hanover provides the buyer with another high-caliber asset in an amenity rich pocket of the Morris County submarket.”

CBRE Institutional Properties is marketing a number of attractive investment opportunities in the Tri-State area including Bergen Medical Center, a 100% leased 76,960 sq. ft. property in Paramus, NJ; 3 Gateway Center in Newark, a 94% leased Class A office tower in Newark, NJ; The Summit at Danbury, a 728,856 sq. ft., 89% leased medical and office condominium in Danbury, CT; Woodbury Office Portfolio, a six-building, 719,317 sq. ft. portfolio on Long Island, NY; One23 Apartments, an 80-unit apartment building in Union City, NJ; Canter Green, a 153-unit apartment complex in Union, NJ; and One Lafayette & One East Putnam, two 100% leased buildings totaling 90,268 sq. ft. in Greenwich, CT.