CBRE arranged the $24.5-million sale of 25 Hanover Rd., a 100% leased, 132,737-square-foot office park in Florham Park, NJ. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Fahri Ozturk, Rich Gatto, Travis Langer, and Daniel Blumenkrantz of CBRE’s Institutional Properties Group represented the seller, The Silverman Group. CBRE also procured the buyer, a privately held real estate company.
The two Class A buildings are situated in a park-like setting. The property has maintained occupancy of 90%-plus for more than 10 years.
Neuer commented, “The Silverman Group has done a tremendous job maintaining a high-quality asset and strong relationships with the tenants evidenced by the superb historical occupancy. The buyer was diligent in pursuing the asset because they are committed to the market, having acquired a nearby asset in 2021. 25 Hanover provides the buyer with another high-caliber asset in an amenity-rich pocket of the Morris County submarket.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).