'1-of-a-Kind' Giralda Farms Office Gets Leasing Agent

150,000-square-foot building has atrium, corner offices that open onto private terraces.

Real estate operating and investment company RXR Realty is seeking tenants for 1 Giralda Farms and has retained CBRE Inc. as the building's exclusive leasing agent, RXR announced.

The four-story, 150,000-square-foot building is billed as a "trophy-quality office building located within New Jersey’s most prestigious office campus—the 375-acre Giralda Farms in Madison, N.J.," according to a news release.

A glass atrium, magnificent views of the campus, and corner offices that open onto private terraces are among the office building's features.

The building has covered parking, a gourmet cafeteria, fitness center and inviting indoor and outdoor seating areas, the news release says.

The building currently can accommodate space requirements up to 100,000 square feet, and counts law firm Edwards Wildman and financial adviser Brinton Eaton as tenants.

“CBRE has assembled a first-rate team with extensive multi-market experience to manage the leasing for 1 Giralda Farms, and we are confident that their expertise will drive strong activity for this one-of-a-kind building," said Todd Rechler, co-COO of RXR and president of RXR Construction and Development. “This property benefits from an exceptional location and a host of desirable on-site amenities, and provides tenants with a prestigious business address that fosters a high-quality corporate image.”

Senior Vice President Leo Paytas said RXR "is committed to funding significant capital improvements at this building so that it may continue to meet the needs of today’s modern companies, and we anticipate strong interest from a variety of tenants in the opportunities that are currently available.”

Pfizer, Maersk, Quest Diagnostics, Prudential Real Estate Investors, Wells Fargo Insurance Services and Bausch & Lomb Global Pharmaceuticals are other companies with offices on the Giralda Farms campus.

The news release says the campus is located on Madison Avenue and "is just minutes from numerous top dining, hotel and shopping destinations in Morristown and Short Hills."

"It offers direct access to Routes 24 and 287 and is minutes from the Morristown Airport, and approximately 20 minutes from Newark Liberty International Airport," it says. "There is a daily private shuttle available for making the 1.5-mile trip to Convent Station for Midtown direct trains to and from New York City, Hoboken and other points north and south."

J August 28, 2012 at 12:31 PM
So now Patch is running press releases verbatim and calling it "news"? That's top-notch journalism, right there. Here's an idea--since this does not appear to be a new building, why not find out who the prior tenant was, why it left, and where it went. And maybe include some analysis of what this indicates about the state of the area commercial real estate market. I think they call that "reporting."
Madison Cyclist August 28, 2012 at 04:02 PM
This is the old Schering-Plough HQ. Bob Luciano moved them here because it was an easy commute for him. When he retired they bugged out to Kenilworth.
Jake Remaly (Editor) August 29, 2012 at 08:23 PM
Madison Cyclist, thank you for the comment. Schering-Plough's official line at the time they sold the building in 2005 focused on it being a "further step in the company's New Jersey real estate strategy." ( http://www.thefreelibrary.com/Schering-Plough+Announces+Sale+of+Madison,+N.J.+Site.-a0132599734 ) Office was bought by Reckson. Now it's owned by RXR, which formed after Reckson was bought by SL Green in 2007. ( http://www.businesswire.com/news/home/20050118005740/en/Reckson-Expands-Presence-Premier-Jersey-Office-Park ) J, all fair points and good questions. I also am interested in what the building and market in general means for Madison's tax base. At least some of the Giralda Farms offices pay six figures in property taxes, and they generally have higher assessments when they're being used. Will be happy to share more info, context and analysis. Posted this based on the press release for any readers who might be interested in how the property is being marketed. I agree more info was warranted.


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