Fairfield office center sold - New Jersey - real estate - Brief Article

Real Estate Weekly, Jan 28, 2004

Michael DiFede, Director of Business Development and Acquisitions for Bergman Real Estate Group, announced the purchase of the 110,000 s/f Fairfield 80 Office Center in a joint venture with South Charles Investment Corp., a subsidiary of Bank of America.

The four-story, atrium-style office building is being reintroduced to the marketplace as a multi-tenant rental property after having been solely owned and occupied by Aetna / US Healthcare for the past 12 years.

Aetna Life Insurance will continue to occupy the first two floors, while the third and fourth floors, totaling 67,000 s/f, will now be available for lease. Each floor contains 33,500 s/f of primarily open space layout with some perimeter offices. The floors can be divided to accommodate multiple tenants.

According to Michael Bergman, Vice President of Leasing and Marketing, "Despite the current slow leasing velocity throughout most of New Jersey's commercial office markets, we saw this building as an excellent opportunity to control one of the largest blocks of 'ready-to-go' office space in the Fairfield-Wayne/ Routes 46 and 23 sub-market market, and Fairfield 80 represents one of the best locations with direct access and visibility to Interstate 80."

Located at 55 Lane Road in Fairfield. just off Route 46 and the 1-80 Interchange at Passaic Avenue/Two Bridges Road, the class A building offers a dramatic 30-foot high atrium lobby, an abundance of corner windowed offices (some with private balconies) due to its' unique architectural design.

Tenants will enjoy the convenience of the property's strategic location, which is in close proximity to numerous restaurants, stores, banking facilities and hotels along Route 46 and at the Willowbrook Mall. Also nearby is the Essex County (Caldwell) Airport.

Fairfield 80 Office Center was brokered by the tri-state investment team of CB Richard Ellis, led by Steven Bardsley and Lynn DeMarco, who represented Aetna in the marketing and disposition of the property.