Bergman Real Estate Group Reaches 100% Occupancy at 238,000-SF Madison Office After Pharma Leases

Bergman Real Estate Group has reached 100% occupancy at 7 Giralda Farms, a 238,000-square-foot Class A office building in Madison, N.J., the firm announced Sept. 8. The milestone follows two recent pharmaceutical transactions: a long-term renewal by LEO Pharma for approximately 33,000 square feet and a new 7,736-square-foot lease with Esteve Pharmaceuticals, a Spanish pharmaceutical company.

The full lease-up completes a repositioning that began when Bergman Real Estate Group, in partnership with Eightfold Real Estate Capital, acquired the property in July 2021 for approximately $29.9 million, or roughly $126 per square foot. At the time of acquisition, the building was approximately 60% occupied by only two tenants. Shem Creek Capital provided acquisition financing.

Repositioning and Capital Investment

Following the acquisition, Bergman launched a multimillion-dollar capital improvement program designed by Studio 1200. Renovations encompassed the two-story atrium lobby, cafeteria and fitness center, as well as new indoor and outdoor gathering areas, a conference and training center, yoga room, employee lounge and game room, and a nine-hole disc golf course. The building also offers full under-building parking for all tenant employees.

"From the moment we acquired 7 Giralda Farms, we believed in the property's potential," said Michael Bergman, President and CEO of Bergman Real Estate Group. "We knew that with the right capital investment, strong ownership, an experienced leasing agent and a focused leasing strategy, 7 Giralda could distinguish itself in the market as a best-in-class office building. Reaching 100% occupancy speaks to the strength of that vision and the invaluable partnership we've had with our investor partner, Eightfold Real Estate Capital, Cushman & Wakefield, and our lender, Shem Creek Capital."

Cushman & Wakefield Leasing Activity

The Cushman & Wakefield leasing team of Bill Brown, Joshua Cohen and Heather Polhamus executed 18 leases totaling approximately 222,000 square feet at the property over the course of the repositioning. The tenant roster spans pharmaceutical companies, law firms, wealth management companies and family offices. Notable law firm tenants include Riker Danzig, Saiber, Kelley Drye & Warren and Wilson Elser.

Bill Brown, Executive Director of Cushman & Wakefield, attributed the building's leasing success in part to a shift in tenant priorities that has accelerated since 2022. "For years, we've always talked about a flight to quality," Brown said. "Candidly, since 2022, when interest rates spiked, it's become a flight to capital for tenants seeking landlords that have the capital, experience and professionalism to perform. And in this ownership group, Bergman Real Estate Group and Eightfold Capital clearly demonstrated they had the ability to perform."

"We have a landlord who has a high trust value in the market with a great financial partner, and tenants just simply wanted to be in the building based on the amenities," Brown added.

Pharmaceutical Sector and Market Context

The Madison-Morristown corridor's concentration of pharmaceutical and life sciences employers played a meaningful role in the building's leasing trajectory. Bergman cited access to an established pharmaceutical and life sciences talent pool as a factor in attracting tenants such as LEO Pharma and Esteve Pharmaceuticals to the campus.

7 Giralda Farms is part of the gated 310-acre Giralda Farms Corporate Campus, situated on the former Geraldine Rockefeller Dodge Estate. The property sits approximately 1.5 miles from downtown Madison and three miles from downtown Morristown, with access to Route 24, I-287, I-80 and I-78, as well as the Madison and Convent Station train stations.

The broader Northern and Central New Jersey office market recorded 25.0% vacancy in the second quarter of 2026, the lowest level since 2022, as tenants continued to concentrate demand in renovated, higher-quality buildings. The region posted 129,082 square feet of positive net absorption in the second quarter, while leasing activity reached 1.6 million square feet — up 33% quarter-over-quarter — with Class A properties accounting for more than half of leasing volume. Average asking rents across the New Jersey office market stood at $28.93 per square foot in the second quarter, with cap rates at 8.1% and average pricing at $103.87 per square foot.

About the Firm

Bergman Real Estate Group is a privately owned, full-service real estate investment and management company with more than 33 years of operating history in New Jersey and other select markets. The firm currently owns and manages 17 office buildings comprising approximately 2.199 million square feet, with a strategy focused on acquiring and repositioning underperforming properties.

Sources: Bergman Real Estate Group press release, Sept. 8, 2026