300 Kimball Drive, an approximately 430,000-square-foot, trophy office property in Parsippany, recently traded for $88 million, according to a Thursday announcement from JLL Capital Markets.
JLL represented the owner, Sovereign Partners LLC, in the sale of the property to Signature Acquisitions. JLL also handled the prior sale from State Farm to Sovereign Partners in 2019, in addition to having sold Signature Acquisitions the adjacent building (100 Kimball) in 2019.
Completed in 2001 and most recently renovated in 2013, 300 Kimball is a five-story office property that is 87% leased to a variety of tenants, including anchors FM Global, Langan Engineering, embecta and Western World Insurance/AIG.
The building is LEED Silver-certified, a recipient of the BOMA Building of the Year award and offers tenants an outstanding variety of features and amenities, such as an impressive granite façade, dramatic atrium lobbies, state-of-the-art fitness center with locker rooms and golf simulator, full-service cafeteria with expansive seating, tenant lounge/game room with after-hours grab-and-go food service, modern conference center, outdoor patio with putting green, electric car charging stations, walking trail and ample covered parking, including a separate gated executive section.
Situated on 9.29 acres near the intersection of Interstates 80 and 287, within a four-building, 850,000-square-foot office park called the Center of Morris County, 300 Kimball Drive benefits from strong visibility along Interstate 80 and is widely considered one of the absolute best office assets in the Parsippany submarket.
The JLL Capital Markets team representing the seller was led by Senior Managing Directors Kevin O’Hearn, Jose Cruz and Jeremy Neuer and analyst Peter Kim.
According to O’Hearn: “We’re thrilled to have assisted two long-term, highly valued clients of the firm in a single transaction, Sovereign Partners with the successful execution of their value-add business strategy for the asset, and Signature Acquisitions with the strategic purchase of their second building in the office park. Additionally, this transaction is reflective of the flight-to-quality trend that we’re seeing in office space — generally, the top assets in each submarket continue to perform well, and Parsippany is no different.”