PARSIPPANY — JLL Capital Markets announced it has completed the sale of 14 Sylvan Way, a 203,506-square-foot Class A office property located in Parsippany.
JLL represented the institutional seller and secured Signature Acquisitions as the buyer.
The property is part of the Arbors @ Parsippany, a 2.1-million-square-foot office campus currently undergoing a transformation from a traditional office park into a vibrant mixed-use destination. Strategically positioned near Routes 80, 287, 10, 202 and 46, the site offers convenient access for commuters throughout Morris County and Northern New Jersey.
Completed in 2013, the three-story building is LEED Gold certified and features a dramatic two-story atrium lobby. Amenities include a cafeteria and bistro, an oversized courtyard, tenant lounge, game room and full conference facilities. The building is fully leased to Travel + Leisure Co. through August 2029.
The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Directors Jose Cruz and Jeremy Neuer, along with Associate Michael Kavaler. Executive Managing Director Tim Greiner, who oversees JLL’s leasing operations in Northern and Central New Jersey, also supported the assignment.
“14 Sylvan Way attracted significant investor interest due to its location within a highly amenitized mixed-use campus and the stability of a long-term, fully leased tenancy,” Cruz said. “We’re seeing renewed momentum in the office investment market, with investors pursuing early opportunities as top-tier space continues to lease and limited new supply is expected in the coming years.”
JLL Capital Markets provides investment sales, advisory, debt and equity advisory, and recapitalization services to real estate investors and occupiers worldwide. The firm operates in nearly 50 countries with more than 3,000 capital markets professionals.
Signature Acquisitions, founded in 2003, has acquired more than $400 million in assets totaling over six million square feet across the Northeast. In recent years, the firm has streamlined its portfolio to focus primarily on Class A suburban office properties in New Jersey and Long Island, New York.
