Class A Jersey space changes hands

Property serves smaller-sized tenants

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CB Richard Ellis negotiated the sale of a two-building office complex in Florham Park, N.J. The value of the transaction was $16.6 million. TR Koll Florham Park Corp., an entity controlled by KBS Realty Advisors, sold 25 A&B Hanover Road to 25 Hanover Road LLC, an entity controlled by The Silverman Group. 25 A&B Hanover Road is a multitenant, class A property of 66,268 square feet and 65,311 square feet, respectively, situated on 12.5 acres. The buildings were collectively 83.3 percent leased at the time of sale. "The property is strongly differentiated by its market position to accommodate small- to mid-size tenants within Florham Park, a market that has historically catered to larger block users," said Jeffrey Dunne, of CB Richard Ellis' New York Tri-State Investment Team. 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 throughou...