Case Study :: ExxonMobil – Florham Park

Property: ExxonMobil Global Services 200 Park Avenue Florham Park, New Jersey Assignment: – Prepare Site Redevelopment Analysis for 30 year old buildings – Prepare Highest and Best Use Evaluation report – Disposition of a vacant, four building, 344,186 square foot office headquarters campus

Challenges:
– Functionally obsolete corporate campus
– Campus layout limited expansion

Conclusion:
– Achieved investor/developer sales transaction with record breaking pricing for a vacant office building of $37 million or $108 psf
– Subsequently leased out 50% of the campus to NYCOMED, Inc. (formerly Altana Pharma) for its U.S. corporate headquarters
– Garibaldi’s Strategic Marketing Process generated 38 qualified offers, with final round bidders waiving all due diligence