The basics:
JLL is marketing office space for lease at the Madison headquarters of Anywhere Real Estate.
The global real estate firm announced its assignment as exclusive leasing agent for The Madison at 175 Park Nov. 17.
Built in 2012 by Kohn Pederson Fox architecture firm for what was then Realogy, the 270,000-square-foot building is now set for a reimagining by Gensler. The suburban campus will blend high-end design with a green environment focused on wellness, JLL said.
The LEED Silver Certified building sits on 15 acres with Nelson Byrd Wolz-designed landscaped courtyards. It features a three-story atrium, floor-to-ceiling glass and two green roofs. JLL initially seeks a full-building headquarters tenant to replace Anywhere. That company’s lease expires in September 2029, the leasing firm said.
In September, Anywhere Real Estate and Compass announced they will combine in a deal valued at $10 billion. The former is home to brands including Century 21, Coldwell Banker Commercial, Sotheby’s International Realty and more.
Anywhere Real Estate did not respond to queries about plans for after its term expires in Madison, or how the merger may affect that decision.
According to JLL, building ownership engaged Gensler to foster a next-generation workplace.
Concept designs include:
- An upscale bistro with retractable walls that open to a courtyard
- A wellness center with fitness facilities
- State-of-the-art conference center
- Executive boardroom
Additional possibilities include a digital command center for media/corporate communications, a central garden plaza, and grand courtyard with landscaped pathways and firepit areas.
Two floors offer immediate available occupancy at The Madison at 175 Park, JLL said.
Property features include:
- 920 surface and executive-level parking spaces
- EV charging stations
- Bicycle racks
- Hands-free technology throughout
More than 65% of residents within a 5-mile radius hold a college degree. Beyond the local labor pool, the Madison office building offers a strategic location off Route 24 with direct access to Interstates 287, 78 and 80.
It also provides a tenant shuttle to NJ Transit’s Convent Station. In addition to proximity to Morristown Airport, it is 30 minutes to Newark Liberty International Airport.
‘Rare opportunity’
Executive Managing Director Tim Greiner and Executive Vice Presidents Coleen Maguire and Larry Martin lead the JLL leasing team.
“The conceptual plans demonstrate how the property can be customized to meet a new tenant’s specific needs and illustrate the flexibility and potential of the space as part of a broader repositioning strategy,” Greiner said. It’s a rare opportunity for companies seeking to establish a legacy headquarters in a setting that truly inspires, and we’re excited to reintroduce the property to the market.”
The circumstances mirror when Anywhere Real Estate’s former iteration came to the site. As the office sector continues on a path to recovery, it presents an opportunity for customization, in addition to elevation, at the building.
Overseas investors purchased the Madison property in 2019, according to GlobeSt. Before that, KDR and The Hampshire Cos. transformed the campus, which once housed an outdated Verizon call center.
“Typically, pursuing the complete redevelopment of an office building at the height of a market downturn runs contrary to prevailing real estate wisdom,” The Hampshire Cos. President and CEO James Hanson II explained at the time. “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.”
In its third quarter market report, JLL noted rising rents for premier Class A buildings in the state. Approaching $39 per square foot, the study attributed the uptick to tenants’ making the move from outdated workspaces to higher-quality assets. And these trophy, or Premier Class A spaces, drew rents 14% higher than the largest Class A market, JLL said.
Looking ahead, activity seems likely to persist. JLL said the more than 5.2 million square feet of active tenant space requirements during Q3 was the highest volume seen since 2018.
