PARSIPPANY — A real estate investment trust has listed 14 Sylvan Way, a 203,506-square-foot Class A office building, for sale. The fully leased property offers investors a steady cash flow and long-term upside within Parsippany’s evolving business corridor.
Marketed by JLL, the property is 100 percent net leased to Travel + Leisure Co. through August 2029. Although the tenant has vacated the building, it has subleased over 94,000 square feet to companies, including CohnReznick, a national accounting and advisory firm. The building will generate nearly $26 million in contractual income during the remaining lease term.
Completed in 2013, 14 Sylvan Way boasts LEED Gold certification and a suite of high-end amenities such as a full-service cafeteria, tenant lounge, game room, courtyard, and conference facilities. Its location offers immediate access to Interstates 80 and 287 and Routes 10, 46, and 202.
“The 4.2-year weighted average lease term provides a future owner with a long runway to execute on lease-up opportunities while collecting significant in-place cash flow,” according to JLL’s marketing materials.
The property is situated in the former Mack-Cali Business Campus, which is transforming significantly into a vibrant mixed-use destination. Recent changes in the area include:
- 1 Sylvan Way (home to MJM Insurance) is currently vacant.
- 6 Sylvan Way has been demolished and will soon be redeveloped into a Life Time Fitness facility with 238 multi-family residential units.
- 9 Sylvan Way was also demolished and will become a warehouse facility.
These changes reflect a broader trend in Parsippany, as former office complexes are repurposed to meet the growing demand for lifestyle amenities, housing, and logistics infrastructure.
JLL’s Jose Cruz, Jeremy Neuer, and Bradley Wachenfeld are handling the listing for 14 Sylvan Way. Michael Lachs and Tim Greiner are overseeing financing and leasing advisory services. CohnReznick, which currently occupies the building’s third floor, is a candidate for a direct lease extension beyond 2029, providing further value to a potential buyer.
