HANOVER — Iron Ore Properties, based in Millburn, has acquired over 117,000 sq ft of office space and approximately 14 acres of land in Hanover Township, part of a newly finalized deal in Cedar Knolls.
The package includes two properties at 240 and 255 Cedar Knolls Road, featuring a 117,494 sq ft office building now over 90% leased to tenants spanning the government, medical, communications, media, legal, and financial industries. Located near I‑287 and adjacent to the Whippany River and the 74‑acre Patriots’ Path, the site benefits from major roadways and green amenities. The previous owner invested more than $2 million in modern upgrades—new elevators, heat-pump systems, bathrooms, and a refreshed lobby—enhancing the building’s appeal.
Josh Mann, co‑managing member of Iron Ore, commented: “It is an incredible piece of land anchored by a stabilized office building that saw significant investment over the last five years. We look forward to investing further … and working with the Township of Hanover on realizing the potential of the property.” Iron Ore describes the facility as offering a full-service cafeteria, fitness center with showers, and conference center. Josh Sternberg, also co-managing member, added: “The offices are a diverse mix of tenants with only one occupying more than 10 percent of the square footage. The floorplates allow for flexibility to deliver smaller offices that are in demand right now in the market.”
The transaction team included Jacklene Chesler and Patrick Norris of Colliers representing the seller; Brad Domenico and Jack Subers of Cushman & Wakefield advising Iron Ore and securing financing from First Commerce Bank; with legal representation provided by Matthew Schiller and Holly Burke (Iron Ore) and Yisroel Y. (Jacob) Leshkowitz (seller).
This acquisition follows Iron Ore’s 2024 purchase of the office building at 80 Main Street in West Orange, marking their second office-property investment in the past year.
Sternberg emphasized: “We are seeing in real time that demand for office space exists—but you have to be impeccably located, invest meaningfully into these buildings and provide value … We are turning tenants away at 80 Main Street … and we look forward to executing on our plans at 240 Cedar Knolls.”
Mann added that Iron Ore is monitoring the conversion or demolition of underutilized office properties in the submarket: “Underutilized office properties and/or empty office buildings are a blight and drag on communities … We think there is opportunity in this space over the next three to five years. At this location, there is an opportunity to invest and keep the office building while looking at options for the surrounding grossly underutilized land.”
He praised the effort behind the deal: “This was not an easy transaction … thank goodness we had a team of A+ professionals on all sides and a great lending partner in First Commerce Bank to get this done.”
Additional noteworthy Iron Ore developments across New Jersey include:
- 1000 North Avenue, Plainfield – A fully leased, 120-unit multifamily project, completed March 2023
- 41 West 25th Street, Bayonne – A 40-unit luxury residential building, completed May 2024100‑104 South Avenue, Cranford – A redeveloped commercial corner in downtown Cranford
- South Avenue Redevelopment, Plainfield – Pre-construction mixed-use project including 71 residential units and retail, near the train station
- East Blackwell Redevelopment, Dover – Pre-construction of a 260-unit luxury residential conversion
These initiatives highlight Iron Ore’s strategy of combining value-added office investments with ground-up and adaptive-reuse mixed-use residential developments throughout New Jersey.
