The Offices at Bedminster, located at 500 Hills Dr, Bedminster, NJ, encompasses a two-building office complex totaling 194,000 square feet. The property is situated in the Bedminster market and includes both 500 and 550 Hills Drive. The complex, built in 1988 and 1989, is currently 86 percent leased with a weighted average lease term of approximately seven years. It features amenities such as covered executive parking, an outdoor courtyard with a picnic area, a grab-and-go café, a fountain pond, a fitness center, and updated common areas. The property is anchored by Peapack-Gladstone Bank and Aerie Pharmaceuticals, with the 550 building holding a U.S. Green Building Council’s Leadership in Energy and Environmental Design certification and WiredScore Platinum certification, while the 500 building is Energy Star-certified.

Summary of transaction details:

• Property Type: Office Complex
• Transaction Amount: Not disclosed
• Address: 500 Hills Dr, Bedminster, NJ, 07921
• Market: Bedminster
• Seller's Representative: Jose Cruz, Kevin O’Hearn, Michael Oliver, Steve Simonelli & J.B. Bruno - JLL
• Buyer: Affiliate of Northeast Capital Group
• Square Footage: 194,000 SF

JLL represented New York Life Real Estate Investors in the sale of The Offices at Bedminster and facilitated the transaction with their New Jersey capital markets team, including senior managing directors Jose Cruz and Kevin O’Hearn, and senior directors Michael Oliver and Steve Simonelli, along with Director J.B. Bruno. The transaction followed a multimillion-dollar renovation of the complex, indicating a high level of interest in office assets within the northern and central New Jersey market despite prevailing economic challenges.