9-19-2023 2:40pm

Cushman & Wakefield Announces Multimillion-Dollar Medical Office Sale and Lease Renewal in North Jersey

The Global Real Estate Firm Orchestrates a $4.62 Million Sale in Florham Park and a Crucial Lease Renewal for BROAD U.S.A. in Hackensack

Florham Park/Hackensack, NJ — Global commercial real estate services firm Cushman & Wakefield announced a dual accomplishment last week, with both a sale and a lease in North Jersey. The firm managed the $4.62 million sale of an 18,000-square-foot medical office building in Florham Park and a lease renewal that secures the headquarters of BROAD U.S.A. Inc. at 401 Hackensack Ave. in Hackensack.

Florham Park Sale

On September 13, Cushman & Wakefield announced the sale of a fully leased, 18,000-square-foot medical office building at 10 James St. in Florham Park. Frank DiTommaso, Andy Schwartz, Jordan Sobel, Andre Balthazard, and Dan Bottiglieri represented the seller, The Silverman Group, and procured the buyer, Desai Holdings, for the transaction.

“This stabilized medical office building offers great existing cash flow and is in an ideal location, surrounded by corporate and medical offices and an affluent population,” said Jordan Sobel.

Located on more than an acre, the property is near Route 24 and Interstates 80, 280, and 287, as well as the Morristown Airport.

Hackensack Lease

On September 15, following the sale announcement, Cushman & Wakefield revealed a lease renewal for BROAD U.S.A. Inc., keeping their headquarters at 401 Hackensack Ave. David DeMatteis, Patrick Dean, and Christina Magill represented BROAD U.S.A. Inc. in the transaction for Suite 503 of the 10-story, 167,537-square-foot office property.

“Bergen County continues to be a strong office environment, and this transaction ensures BROAD U.S.A. will continue benefiting from a best-in-class work environment,” said David DeMatteis.

The property includes amenities like a fitness center and on-site restaurant and is a 20-minute drive to New York City.

Why It Matters

These transactions indicate a continued interest and investment in North Jersey’s commercial real estate landscape, particularly in the healthcare and corporate sectors. Both the Florham Park sale and the Hackensack lease renewal are examples of real estate activities contributing to the area's economic stability and growth.