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Maersk Sells 2 Giralda Farms in New Jersey for $53.3M (UPDATE)

ARC Global Trust Acquires 146,000-SF Trophy Asset, Completes Lease Deal with Merck
August 26, 2014
2 Giralda Farms in Madison
2 Giralda Farms in Madison
American Realty Capital Global Trust, Inc. has closed on its acquisition of 2 Giralda Farms in Madison, NJ. Maersk, Inc. sold the trophy-class office asset for $53.3 million, or about $364 per square foot.

The three-story, 146,366-square-foot office property was constructed in 2000 as a built-to-suit for the North American headquarters of Maersk. It sits on 20.6 acres in the Morristown Region submarket of Northern New Jersey, part of the 310-acre Giralda Farms office park, which consists of five office buildings totaling 1.1 million square feet just three miles from Route 24 with proximity to I-78 and three NJ Transit stations.

The new owners have a long-term lease deal with Merck to occupy the entire property, utilizing it for its global corporate headquarters.

Maersk has relocated its North American headquarters to 70,000 square feet at the nearby 180 Park Ave. in Florham Park, continuing its commitment to Morris County.

Jeffrey Dunne, Kevin Welsh, Brian Schulz, and Frank Maresca with CBRE's institutional properties group teamed up with Alec Monaghan with CBRE's global corporate services team to represent the seller and procure the buyer in the sale.

"The property provides American Realty Capital Global Trust with a world-class office building that is 100 percent net leased on a long-term basis and secured by an investment grade tenant," said Welsh. "The property’s distinct headquarters-quality design and iconic location ensure the long-term appreciation of this trophy asset."

Please see CoStar COMPS #3100723 for additional information on this transaction.

Editor's Note: CoStar Group has learned Merck will occupy the entire 146,366-square-foot building for its global corporate headquarters, after Maersk vacates the building in the next two months.

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