Lincoln Property Nabs NJ Office Building

Parsippany, N.J.—HFF recently announced that it has closed the sale of 1 Gatehall Drive, a 114,000-square-foot, four-story, Class A office building in Parsippany, N.J. HFF represented the seller, Glenborough, in the sale of the asset to Lincoln Property Co.

Situated along Route 202, 1 Gatehall Drive is in close proximity to Route 10 and Interstates 287 and 80. Built in 1983 and renovated in 2004, the Energy Star building features a two-story lobby atrium with a skylight, several common areas, shared conference room, dining area and a fitness center. According to Yardi Matrix data, the property has 550 parking spaces and three elevators. The property shares a fountain courtyard with an adjacent office building. It is also next door to a Marriott Residence Inn.

“This sale further exemplifies the demand for well-located, value-add office buildings in Northern New Jersey where the buyer can continue to improve the property,” said HFF Senior Managing Director Jose Cruz in a prepared statement.

At the time of sale, the property was 63 percent leased to software, consulting, communications, staffing and foodservice tenants.

Image courtesy of Yardi Matrix