Cushman & Wakefield announced recently it has arranged the trade of a four-story office building in Parsippany.
Following a competitive bidding processing, an affiliate of Lakewood Equities purchased 1 Gatehall Drive., a 115,000-square-foot office property from a joint venture between Lincoln Property Co. and Development Ventures Group.
“The Lincoln Property Company and Deven Group partnership did an outstanding job bringing out the potential of this boutique asset. In particular, their execution of physical upgrades and amenity enhancements allowed their leasing program to generate over a dozen new leases and renewals during the past 18 months,” Gary Gabriel, who headed the assignment along with David Bernhaut, Andy Merin, Frank DiTommaso and Andy Schwartz. William O’Keefe and Kelsey Nakamura, office leasing specialists, supported the deal.
The property was delivered 86% leased to more than 20 tenants with an average lease size of 3,400 square feet, C&W said.
“Historically, over 30% of all leasing activity within the Parsippany submarket has consisted of transactions less than 10,000 square feet, and last year, 80% of activity within the larger Morris County market was made up of deals in that size range,” DiTommaso said. “Lakewood Equities recognized the property’s competitive positioning within the market and will continue to benefit from increased occupancy and newly executed leases.”
Financial terms were not disclosed.