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170 Park Ave, Florham Park,...

Celularity Inc Leases 147215 Square Feet At 170 Park Ave Florham Park With Tenant's Rep Charlie Hatfield
LEASEDOffice

Celularity Inc Leases 147215 Square Feet At 170 Park Ave Florham Park With Tenant's Rep Charlie Hatfield

170 Park Ave, Florham Park, NJ, 07932

Building Size

147,215 SF

Asset Type

Office

Closing

Apr 12, 2019

AI

The property asset involved in the context is a full-building office lease located at 170 Park Ave, Florham Park, NJ, 07932. The office space encompasses 147,215 square feet. The property is situated within a two-building office campus totaling 368,780 square feet and represents the largest new office lease in New Jersey for the first quarter of 2019.

Summary of transation details:

Celularity Inc was represented by Charlie Hatfield and Ryan Healy from Colliers International in this transaction. The building owner was represented by Matt McDonough, Dan Ligorner, and James Postell of Transwestern Commercial Services. This deal reflects significant activity in the commercial real estate sector, particularly for the life sciences and biopharmaceutical industries.

Players

Charlie Hatfield

Colliers

Broker

3 deals

Broker

Florham Park Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93