Case Study :: Prudential Financial – Florham Park

Property: Prudential Financial 71 Hanover Avenue Florham Park, New Jersey Assignment: – Disposition of a vacant 210,000 square foot ,single tenant office building – Prepare Highest and Best Use Evaluation Report – Implement an exclusive web based marketing program

Challenges:
– Functionally obsolescent corporate campus in secondary location
– Weak overall office user demand (i.e. sustainability of value)

Conclusion:
– Secured a user buyer within 30 days of marketing for sale price of $100 psf or $21 million
– Developed a back-up buyer at similar deal terms within same time period
– Transaction closed in 90 days from commencement of marketing