Colliers on Thursday announced it brokered the largest office transaction on the East Coast sold via Ten-X.com auction in the East Coast territory. Located at 2 Gatehall Drive, the Class A office building, which spans approximately 333,000-square-feet, sold for $17.8 million.
A Colliers team led by Vice Chair Jacklene Chesler, vice president Patrick Norris, and Director Philippe Jomphe exclusively represented the property throughout the sale process.
Situated on 19 acres in Parsippany, the property attracted significant attention from investors, users and developers across the region as well as nationally.
The property was 30% occupied at time of sale and features a three-story atrium, a full-service cafeteria, a fitness center with a yoga studio, and energy-efficient infrastructure such as a 600kW backup generator and a 1.52 MW solar array. Originally designed to support big data and technology operations, the property’s adaptability also positions it as a prime candidate for specialized uses, including lab and research and development spaces.
“This property offered a tremendous value-add opportunity,” Jacklene Chesler, vice chair at Colliers, said. “The stable income stream from credit tenants, combined with the ability to lease up the remaining space, made it an attractive option for investors, developers and users in today’s market.”
Parsippany’s ongoing transformation into a vibrant, mixed-use environment continues to draw investors and businesses alike. It offers unparalleled connectivity via major highways such as Interstates 80, 287, and Route 46, making it an ideal location for corporate tenants. The region is home to a diverse mix of industries, ranging from life sciences to financial services, further reinforcing the desirability of this market for investors.
