Bergman acquires Paramus, NJ office building.

Michael Bergman and Ned H. Cohen, vice presidents of North Brunswick, NJ-based Bergman Real Estate Group, have announced the purchase of a 170,000 square-foot Class A office structure located at 45 Eisenhower Drive in Paramus, NJ, in a new venture with Praedium Opportunity Fund II, a real estate investment fund of Credit Suisse First Boston.

The five-story building, formerly owned by the American Bureau of Shipping (ABS), will soon have 100,000 square feet available by the end of the year when the major occupant, Hoffmann LaRoche, will relocate to its own building.

"This is what attracted us to this quality, well-maintained property," said Michael Bergman, vice president of Leasing and Marketing. "In recent years, which were plagued by soft market conditions and high vacancy rates, this transaction might have inspired some concerns due to the prospect of the major tenant leaving the building. It's not exactly a case of 'what a difference a day makes,' but in today's marketplace, this is an unparalleled opportunity to benefit from an exuberant economy which has spurred the overnight turnaround of the commercial office markets in New Jersey."

"Forty-Five Eisenhower Drive offers 100,000 square feet of some of the finest corporate offices in Bergen County's heartland of Corporate America," observed Ned Cohen, vice president of Acquisitions. "The amenities are all first class, with on-site management, a full-time manned security desk, full-service cafeteria, ample parking, fiber optics technology and an impressive drive-up covered entrance. Its most attractive feature is its location, offering immediate access to all major highways including Route 17, Route 4, Route 208, the Garden State Parkway, 1-80 and 1-287." Manhattan is a 30-minute drive away via the George Washington Bridge, located approximately 10 miles east of the property.

Well-established as an investment, management and advisory firm with close ties to major financial institutions, last year Bergman Real Estate Group acquired Woodbridge Towers, an 85,000 square-foot building located at 555 U.S. Route One South in Woodbridge Township. Earlier this year, Bergman joint ventured in the acquisition of 510 at Metropark, an office building situated across from the Metropark Train Station in Edison, NJ. These acquisitions were planned by President Jerome Bergman as part of an overall business plan to assemble a select portfolio of New Jersey office properties. 45 Eisenhower Drive represents the next phase of that plan.

"Forty-Five Eisenhower Drive is a very precious commodity because there are virtually no large blocks of existing quality space in this Bergen County submarket which can immediately accommodate full floor tenants of 37,500 square feet and up to 75,000 square feet of contiguous space," noted Jerry Bergman. As an added benefit, the building offers unique corporate identity, as the largest tenant will have the opportunity to showcase its name at the top of the building.

Cohen added that Bergman Real Estate Group plans to be vigilant about its quest for new acquisitions. "But we don't like the word 'aggressive,' because that can mean buyers pay too much just to make the deal. And that's not our game plan."

Just as times change, so has the commercial real estate vocabulary. "I believe location, location, location has been backseated by timing, timing, timing," Cohen offered. "Timing is really the cornerstone of the 21st Century deal."

The attractive, concrete-skinned 45 Eisenhower Drive, which sits on a 9.7 acre site, was formerly owned by and served as headquarters to the American Bureau of Shipping, which originally relocated from Downtown Manhattan's maritime district. Today Polaroid, Bristol Myers Squibb, A.G. Lichtenstein and ConAgra are among the major corporate occupants of the building.

Bergman Real Estate Group, in its capacity as Asset Manager and Owner Representative for Praedium, will be spearheading an aggressive leasing program in association with Michael Kasparian of Caspar Properties. Kasparian has been intimately involved in the successful leasing of 45 Eisenhower Drive for the past 10 years and maintains his office in the building.

"There's no question the whole Class A office market in Bergen County has been absorbed" Kasparian observed. "Sophisticated investor/owner/managers, such as the new ownership, were able to evaluate a very bright prospect and make a solid investment in a marketplace that is becoming better each day. This purchase signifies confidence with a capital 'C.'"

Bergman Real Estate Group's roots date back to 1988, when Jerome Bergman assembled a team of top professional experts in acquiring, financing and managing major real estate properties.