PARSIPPANY — PAG Investments has acquired a Class A Morris County office building from Mack-Cali Realty Corporation, announced Cushman & Wakefield. The commercial real estate services firm’s New Jersey capital markets team arranged the sale of 5 Wood Hollow Road.
Cushman & Wakefield investment sales specialists Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Frank DiTommaso represented the seller and procured the buyer for the iconic, 330,000-square-foot asset, supported by leasing brokers William O’Keefe and Kelsey Nakamura. “The buyer selection process was extremely competitive and involved multiple rounds of bidding,” said Gabriel, who led the assignment. “PAG Investments has a proven track record of execution and performed as expected.”
Situated on 23 acres, 5 Wood Hollow Road was designed by world-renowned architect Charles Gwathmey of Gwathmey Siegel & Associates Architects. Until recently, the three-story building’s top floor – totaling approximately 117,000 square feet – was occupied by AIG. The space currently is laid out for a full floor user and is equipped with office furniture and infrastructure to support a large tenant requirement. It is the only contiguous, single-floor availability of its size within the market. PAG plans to make significant upgrades to all building commons area to benefit existing and future tenants.
“5 Wood Hollow Road is a prominent and recognizable address and Mack-Cali has done an excellent job in maintaining the building to a higher standard than the majority of buildings within the immediate market,” DiTommaso said. “PAG Investments saw value in both the quality of the building and the in-place tenancy and will continue to benefit from existing cash flow while further repositioning the property.”
5 Wood Hollow Road sits at the nexus of Morris County’s major highways including Interstates 80 and 287 and Routes 46 and 202. The building features a modern stone and reflective glass exterior, full-height atrium lobby and superior infrastructure – including a new roof, well-maintained systems and backup power with three onsite transformers. Amenities include a full-service cafeteria and a fully-renovated fitness center with shower and locker facilities. It also is within walking distance to the Sheraton Parsippany.
Cushman & Wakefield’s New Jersey capital markets team specializes exclusively in office, industrial, multifamily, land and retail property trades throughout New Jersey, New York and Fairfield County, Conn. The group has completed $32 billion worth of transactions since 2000, closing over $3.3 billion in sales in 2018.