JLL closes sale of 105K sq. ft. office property in Parsippany

A 105,000-square-foot office property in Parsippany has sold, according to real estate firm JLL.

The Class A, three-story building, located at 4 Sylvan Way, was recently renovated and is located within the 2.4 million-square-foot Mack-Cali Business Campus. Renovations include a new modern work space, exposed ceilings and new conference rooms.

JLL’s Capital Markets team of Jose Cruz and Kevin O’Hearn, senior managing directors; Michael Oliver and Stephen Simonelli, senior directors; and Grace Braverman, senior associate; marketed the asset on behalf of the seller, Torchlight Investors, and procured the buyer, a private investor.

“This sale reflects the continued strong demand for high quality, suburban office properties in Northern New Jersey,” O’Hearn said.  “Parsippany in particular, as well as the surrounding markets, has seen exceptional sale activity as investors seek higher yields than are available in other asset classes such as industrial or multi-family.”

The property, which is fully leased to a mobile telecommunications company, is near Interstates 287 and 80.