PARSIPPANY — The owner of a nearly 100,000-square-foot office building is seeking a buyer. After a major renovation, leasing activity has surged.
According to JLL, the seller’s brokerage firm, the building is now more than 90 percent occupied, a 67 percent increase since January 2018. Tenants include prominent local organizations such as Parsippany Focus, the Parsippany Area Chamber of Commerce, Chemtrade, and A3Digital Media, as well as a mix of traditional office tenants and coworking suites.
The upgrades, completed in recent years, included improvements to tenant suites, HVAC systems, lighting, restrooms, energy management systems, and elevators. These renovations have helped attract tenants and generate a net operating income of approximately $1.25 million, JLL said.
“The building’s ability to accommodate smaller tenants, many on an as-is basis or with minimal tenant improvements, has spurred leasing activity and increased NOI without significant additional capital investment,” the JLL brokerage team noted.
The three-story property offers desirable amenities, including an atrium lobby, a full-service cafeteria, and 357 surface parking spaces. It is also strategically located less than a quarter-mile from Interstate 287 and under two miles from Interstate 80, making it highly accessible.
JLL’s marketing team, led by Jose Cruz, Jeremy Neuer, Bradley Wachenfeld, Pranav Patel, and Michael Lachs, highlighted the evolving real estate landscape in Parsippany, which is undergoing significant redevelopment efforts.
“The Parsippany office submarket is rapidly transforming, with more than 1.5 million square feet of obsolete office space being repurposed for residential, industrial, and mixed-use developments,” JLL wrote, referring to projects aimed at right-sizing the township’s commercial space inventory.
With its strong tenant base, prime location, and recent upgrades, 90 East Halsey Road presents a compelling investment opportunity in Parsippany’s rapidly evolving commercial real estate market.
