Colliers on Thursday said it facilitated the sale of a boutique office building in Parsippany for $4.4 million – $228 per square foot, the highest price per square foot office trade in the city within the past five years.
A private New Jersey-based investor, purchased the 19,298 square-foot, two story building, located at 150 Smith Road from a Colliers team comprised of Vice Chair Jacklene Chesler and Directors Patrick Norris and Joe Lane who completed the sale on behalf of the seller.
The building was originally constructed in 1986 and has served as the corporate headquarters for a leading janitorial, maintenance, security and concierge service company since 2005.
Colliers, which tracks the sale of office buildings 10,000 square foot and greater, received 14 bids on the property. The sale was completed through Ten-X, an online commercial real estate auction platform.
“The interest we received in this asset is proof of the ongoing strength and investor interest for the New Jersey suburban office market. Although this single tenant building isn’t a triple net lease (NNN), we received a high volume of bidders during the marketing process,” Chelser stated. “Our team’s extensive market knowledge allowed us to arrange a sale that will benefit all parties in both the near and long term.”
Parsippany is the most populated municipality in Morris County, which is known to be one of the 10 wealthiest counties in the United States. The building’s location is an attractive destination for businesses, located only 45 minutes from Manhattan by car or train, and employers also have access to a highly educated workforce in Parsippany.
The building is only a few hundred feet from a New Jersey Transit bus stop and is also located just off Interstate 287, where Interstate 80 interchanges, which makes it a convenient location with easy access to major interstates.
