Griffin Capital Snags $44M Office Building in New Jersey
- Dec 27, 2016
Parsippany, N.J.—Griffin Capital Corp., on behalf of Griffin Capital Essential Asset REIT II Inc., has announced the acquisition of 10 Sylvan Way in Parsippany, N.J. The three-story, 125,735-square-foot asset was purchased for $44 million from Normandy Real Estate Partners and Partners Group. HFF’s Jose Cruz and Kevin O’Hearn represented the seller in the transaction.
The Class A office building is located within the Mack-Cali Business Campus near interstates 80 and 287. Built in 1984, the property was demolished and renovated by the seller, after signing a lease with its current tenant Zoetis Services LLC in July 2015. 10 Sylvan Way is currently Zoetis Services’ global headquarters.
“With the business essential nature of the operations on-site, investment grade tenancy, annual rental rate escalations, institutional quality asset and long-term lease duration, this transaction captures the majority of the salient acquisition criteria that we target for the REIT,” said Michael Escalante, Griffin Capital’s CIO & president, in prepared remarks. “This acquisition also marks a significant milestone for Griffin Capital Essential Asset REIT II Inc., elevating the REIT’s total capitalization about $1 billion.”
“The addition of this property to our growing portfolio of high quality assets further positions the REIT to create shareholder value over the long term,” added Louis Sohn, director of acquisitions at Griffin Capital.
Image courtesy of Griffin Capital