PARSIPPANY — In its ongoing effort to stimulate local development, Parsippany-Troy Hills Township Council recently passed Resolution R2024-176, (3-2) which authorizes the Planning Board to investigate whether 2 Sylvan Way, a significant office property in the township, qualifies as an area in need of redevelopment. The property, which has a total of 56,156 square feet, currently has 28,186 square feet of space available for lease. Councilman Justin Musella and Councilwoman Judy Hernandez voted against the Resolution.
Built-in 1977 and renovated in 1998, the three-story building is classified as Class B office space, indicating its suitability for businesses seeking functional, cost-effective office environments. The property is owned by Lincoln Property Company, a prominent real estate firm known for managing commercial assets nationwide.
Despite its prime location in Parsippany’s bustling commercial district, the building has seen some vacancy, prompting the township to consider its redevelopment potential. The resolution sets in motion a formal investigation to determine if 2 Sylvan Way can be revitalized under the state’s Local Redevelopment and Housing Law without resorting to condemnation.
“By taking this step, the township aims to evaluate the building’s potential to contribute more effectively to the community and local economy,” said Frank Cahill, Chairman of Parsippany-Troy Hills Economic Development. “With nearly half of the space available, this property represents a major opportunity for attracting new businesses and investment.”
Class B office spaces like 2 Sylvan Way offer potential tenants a balance of affordability and functionality, making them attractive to small and medium-sized businesses. A successful redevelopment could transform the property into a modern hub for professional services, technology firms, or other businesses seeking a suburban office location with easy access to major highways.
As the Planning Board begins its investigation, local officials remain optimistic about the building’s future role in driving economic growth and improving the township’s business environment.
The Planning Board has been tasked with carrying out the investigation and is expected to report its findings back to the Mayor and Council. If the area is deemed appropriate for redevelopment, further plans will be discussed, potentially opening the door for new investments in retail, warehouses, multi-family residential units, or mixed-use developments.
The results of the investigation will determine the next steps for this property and may pave the way for new investment and revitalization in the heart of Parsippany.
