August 21, 2019
The Hampshire Companies has sold 175 Park Ave. in Madison, NJ to United Arab Emirates-based Gulf Islamic Investments LLC (GII). Redeveloped in 2012 from a former Verizon call center, the 270,000-square-foot office property is the corporate headquarters of Realogy.
Hampshire didn’t disclose a sales price. The Saudi Gazette reported it at north of $120 million.
“Typically, pursuing the complete redevelopment of an office building at the height of a market downturn runs contrary to prevailing real estate wisdom,” said Hampshire president James E. Hanson II. “However, our ability to see real estate through a different lens allowed our firm to recognize a unique opportunity in the market back in 2012 and create one of New Jersey’s most valuable office buildings. This sale exemplifies the strength of our vision for the property.”
Serving as GII’s co-investment advisor was FD Stonewater, a boutique brokerage, investment, development and asset management firm.
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