Cushman & Wakefield Arranges Sale of 330 KSF Office Property
- Dec 10, 2019
Mack-Cali Realty Corp. has sold a Class A, 330,000-square-foot office building in Parsippany, N.J., to PAG Investments. Yardi Matrix data shows the asset last traded in 2004.
Cushman & Wakefield Executive Vice Chairmen Andy Merin, David Bernhaut, Vice Chair Gary Gabriel, Executive Managing Director Brian Whitmer, Managing Director Kyle Schmidt and Associate Director Frank DiTommaso worked on behalf of the seller and procured the buyer, with support from Managing Director William O’Keefe and Director Kelsey Nakamura. Recently, a similar team brokered the sale of a 115,000-square-foot office situated a few miles southwest.
Located at 5 Wood Hollow Road on a 23-acre site, the three-story building is close to major roads such as interstates 80 and 287, as well as routes 46 and 202. Additionally, the property is within walking distance of several, dining, retail and hospitality options, including the Sheraton Parsippany Hotel.
Tenants and Amenities
Completed in 1980 and designed by architect Charles Gwathmey of Gwathmey Siegel & Associates Architects, the office property includes a stone and reflective glass exterior, full-height atrium lobby and a new roof system and backup power with three on-site transformers. Common-area amenities consist of a full-service cafeteria and a fully-renovated fitness center with shower and locker facilities. The new owner intends to make significant improvements to the building’s common areas.
The tenant roster includes CoynePR and DRG, according to Yardi Matrix information. Until recently, AIG occupied the building’s top floor, which totals roughly 117,000 square feet. The space’s layout is configured to accommodate a full-floor occupant and includes office furniture and infrastructure to support the requirements of a large tenant.
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