Cranford, N.J.-based real estate development company Signature Acquisitions has purchased a 430,000-square-foot office building in Parsippany owned by Sovereign Partners. The $88 million deal that closed on December 22 highlights the continued flight to quality within the office sector throughout the entirety of 2022.
A JLL Capital Markets team led by senior managing directors Kevin O’Hearn, Jose Cruz and Jeremy Neuer, along with Analyst Peter Kim, represented the seller during negotiations for 300 Kimball, which is part of the four-building Center of Morris County office park.
The project sprawls across 9.29 acres near the intersection of I-80 and I-287 and totals 850,000 square feet of prime New Jersey office space.
Built in 2001, 300 Kimball was most recently renovated in 2013. It had an occupancy rate of 87% at the time of the sale. Specifically, the property’s tenant roster includes the likes of commercial property insurer FM Global; medical device manufacturer and distributer embecta; engineering and environmental consulting service provider Langan; and Western World Insurance/AIG.
The five-story building is LEED Silver-certified and was recently granted a BOMA building of the Year award. Featuring a granite façade and eye-catching atrium lobbies, 300 Kimball also boasts a state-of-the-art fitness center equipped with a golf simulator, modern conference rooms and an outdoor patio. There’s also a full-service cafeteria on-site, as well as a game room accessible to tenants. For those driving into work, there are also electric car charging stations and ample covered parking spots.
“We’re thrilled to have assisted two long-term, highly valued clients of the firm in a single transaction — Sovereign Partners with the successful execution of their value-add business strategy for the asset and Signature Acquisitions with the strategic purchase of their second building in the office park,” O’Hearn said. “Additionally, this transaction is reflective of the flight-to-quality trend that we’re seeing in office space. Generally, the top assets in each submarket continue to perform well, and Parsippany is no different.”
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