Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of an approximately 100,000-square-foot office building located at 600 Parsippany Road in Parsippany.
HFF marketed the property on behalf of the seller, Mack-Cali Realty Corporation. A joint venture between Bukiet Building Management and Mountain Development Corp. purchased the asset free and clear of existing debt.
600 Parsippany Road is situated just off exit 40 of Interstate 287 at the four-way interchange with Parsippany Road. The property is less than two miles from Interstates 80 and 280 and Routes 24, 46, 10 and 202, and less than 30 miles from New York City. The three-story, black glass building is 92 percent leased to notable tenants, including Aerotek; Level 3 Communications; Sonneborn; Certified Financial Services; Inglesino, Webster, Wyciskala & Taylor, LLC; Property Title Group, LLC and Dewberry. The building features a newly-renovated lobby with stone and tile flooring and a full-service café on the top floor.
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O'Hearn, directors Michael Oliver and Stephen Simonelli and associate director Marc Duval.
"600 Parsippany road is a quality asset located within the prime Morris County office market," Cruz said. "The property provides the new owners with stable cash flow given its current occupancy and the potential upside given leasing the remaining space at higher rents."