Normandy Refinances New Jersey Office Park



Normandy Real Estate Partners took out a $65.5 million loan from First Niagara Bank and Principal Real Estate Investors for a four-building office park in Florham Park, N.J., totaling 351,684 square feet, Mortgage Observer has learned.

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The three-year, floating-rate loan arranged by HFF will be used to retire existing debt and upgrade amenities at the property, known as Park Place, to meet “best-in-class” standards and fund leasing costs for new tenants, according to the brokerage firm.

One of the Park Place office buildings.
One of the Park Place office buildings.

The office park is located on a 30-acre site at 200-230 Park Avenue along the Route 24 corridor, about 30 miles west of Manhattan. The property contains an on-site cafeteria, fitness center and 70-seat conference center, in addition to the three-story corporate buildings and parking for 1,405 vehicles.

The office space is leased to Fairleigh Dickinson University, M&T Bank, Sun Bank and several state law firms.

The four buildings were almost completely reconstructed from their steel frames in 2000 and 2001, a Normandy spokesperson told MO.

Senior managing director Jon Mikula and Associate Director Mike Lachs led the HFF debt placement team on behalf of the borrower.

“We were excited to be a part of the Normandy team to help re-introduce Park Place to the market,” Mr. Mikula said. “By partnering First Niagara with Principal, we were able to provide a creative cost effective solution.”