PARSIPPANY — New York City-based PAG Investments said Wednesday it appointed CBRE as the exclusive leasing agent for 5 Wood Hollow Road.
PAG acquired the three-story, Class A office campus from Mack-Cali Realty Corp. The new ownership plans update and renovate the interior and exterior of the building and transform it into a premier office destination in the submarket.
Gershon Alexander, principal of PAG said, “We are excited about the opportunity to revitalize 5 Wood Hollow and solidify its position as the premier office building in the market.”
PAG plans to renovate and upgrade the common elements of the building, such as a brand-new cafeteria and a state-of-the-art conference room for all tenants to enjoy. They also plan to create an outdoor gathering place. The building is situated on a 23-acre site strategically located at the crossroads of Interstates 287 and 80, with easy highway access.
Dan Casey will lead the CBRE leasing team and oversee the leasing campaign at the property on behalf of PAG Investments.
“CBRE is thrilled to have the opportunity to work with PAG Investments and assist them in the lease-up of this high-profile asset,” said Casey, first vice president, CBRE.
“Currently, the entire third floor consisting of approximately 118,000-square foot available for lease, which represents the largest contiguous block of furnished office space on one floor in the entire Parsippany submarket.”
Tru Kids, Inc., has opened their corporate headquarters at 5 Wood Hollow Road. Tru Kids Inc. leased approximately 26,000 square feet. Toys”R”Us officially emerged as a new company, with new leadership and a new vision to deliver the magic of its iconic brands around the world.