PARSIPPANY – Holliday Fenoglio Fowler, L.P. (HFF) announced that it has closed the sale of an approximately 100,000-square-foot office building located at 600 Parsippany Road in Parsippany. The offices of John Inglesino, Parsippany’s Town Attorney, are located in the building.
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 Inglesino, Webster, Wyciskala & Taylor, LLC; Aerotek; Level 3 Communications; Sonneborn; Certified Financial Services; 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.”
About Mack-Cali Realty Corporation
Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development and other tenant-related services for its two-platform operations of waterfront and transit-based office and luxury multi-family assets. Mack-Cali provides its tenants and residents with the most innovative communities that empower them to re-imagine the way they work and live.
Additional information on Mack-Cali Realty Corporation and the commercial real estate properties and multi-family residential communities available for lease can be found on the Company’s website at www.mack-cali.com.
About Mountain Development Corp.
Mountain Development Corp. (MDC) is a full-service real estate company with over 30 years of experience developing, acquiring, constructing, repositioning, managing, leasing and operating commercial property. MDC is an active acquirer of a broad range of opportunistic and value-added real estate investments capable of generating attractive, risk-adjusted returns for both its principals and equity partners. Active throughout the Northeast, MDC’s accomplished staff includes in-house development, accounting, property management, construction, leasing and marketing professionals, enabling the company to operate autonomously and deliver expeditious, successful results. For more information, visit www.mountaindevelopment.com.
