Barnes & Noble Education will move its U.S. headquarters from Basking Ridge to Florham Park following the close of a new lease agreement.
Cushman & Wakefield announced BNED signed for 29,127 square feet on the third floor at 180 Park Ave. in Florham Park. According to the Sept. 11 news, the independent public company and parent of Barnes & Noble College will relocate to the Class A office building in the fourth quarter of this year.
BNED currently occupies space at 120 Mountain View Blvd. The new location is part of the master-planned The Green at Florham Park. It also follows a period of strong leasing activity at the property, CushWake said.
A Cushman & Wakefield team of Managing Director Brian Decillis and Executive Director William O’Keefe represented landlord Vision Properties in the transaction. Savills Vice Chairman and Market Leader Gregg Najarian, Senior Managing Director Slava Vaynberg and Associate Neel Shah represented tenant BNED.
David Milewski, Northeast vice president at Vision Properties, said the deal highlights the firm’s ability to solve complex challenges in real time. Based in Tampa, Vision also has an office in Morristown.
“Coordinating BNED’s headquarters requirement with Maersk’s early downsizing preserved occupancy, protected value, and reinforced 180 Park Ave. as a premier Class A asset,” he said. “This reflects the types of hands-on, solutions-oriented asset management that drives long-term investor returns.”
This reflects the types of hands-on, solutions-oriented asset management that drives long-term investor returns.
— David Milewski, Vision Properties
In August, Cushman & Wakefield announced Maersk USA extended its lease at the Florham Park property. The tenant has anchored the property since 2014. The latest change also came with news of three new tenants joining the roster in Morris County.
Class A amenities
Decillis cited the flight to quality taking over demand for office space in the New Jersey suburbs; and its benefit to Class A assets as well as owners, like Vision. He said the “notable lease” continues recent leasing success at the site. “With this transaction, 180 Park is now 90% leased, with only two spaces remaining,” he said.
Features at 180 Park Ave. include a dramatic atrium lobby, full-service cafeteria and coffee bar, a fitness center and studio, tenant lounge, conference center, garage parking, outdoor patio with seating, Wi-Fi and walking trails.
The Green at Florham Park campus also includes The Summit Medical Group, The Archer Hotel, The Ave Florham Park and the New York Jets training facility, CushWake said.
The property’s location provides easy access to downtown Morristown and Madison, with numerous restaurants, hotels, parks and major highway routes. Daily shuttles to and from the NJ Transit Train Station offer convenient access to Manhattan in less than 45 minutes.
