New owner takes control of Jersey office structure

Subtenants a top priority for leaseholder

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CB Richard Ellis' New York Tri-State Investment Team recently represented Glenborough Properties L.P. in the sale of a large office building in Florham Park, N.J. The value of the transaction was $14.8 million. The property, located at 15 Vreeland Road, is a two-story, 133,090-square-foot building situated on 15.1 acres. Other features include 10-foot finished ceilings, a full-service cafeteria, and a central atrium. The building, although leased to Mack-Cali Realty through May 16, 2006, under an assignment from AT&T Corp., was unoccupied and immediately available at the time of sale. 15 Vreeland Road 2006 LLC, an entity controlled by The Hampshire Cos., a full-service, private real estate investment fund manager, was the buyer. The CB Richard Ellis New York Tri-State Investment Team specializes in the sale of investment properties in the suburban markets surrounding New York City, as well as select regional markets throughout the country. *** What's your opinion? Send your ...