PARSIPPANY — New York City-based PAG Investments purchased 330,00-square-foot office building located at 5 Wood Hollow Road from Mack-Cali Realty Corp. Tru Kids, Inc., has leased 26,000 square feet for  their corporate headquarters at 5 Wood Hollow Road. Tru  Kids is the parent company of Toys R Us.

Strategically located, 5 Wood Hollow Road in Parsippany is LEED® Gold certified and one of Morris County’s most exceptional office properties. This three-story, class A building’s center plaza with circular drive leads to the dramatic main entrance framed with a translucent canopy. The property is perfectly situated at the crossroads of interstates 287 and 80, providing easy access to highways, airports, and upscale communities.

The deal was reported by commercial brokerage firm Cushman & Wakefield. The 5 Wood Hollow Road property was designed by 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.

No financial terms of the transaction were disclosed.

The top floor 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, C&W reports.

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 23-acre property, supported by leasing brokers William O’Keefe and Kelsey Nakamura.

C&W’s Gabriel notes that the buyer selection process was extremely competitive and involved multiple rounds of bidding.

“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,” C&W’s DiTommaso adds. “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.”