JLL Capital Markets said Nov. 6 that it has completed the sale of 14 Sylvan Way, a 203,506-square-foot, trophy office property in Parsippany.
JLL represented an unnamed institutional seller and procured the buyer, Signature Acquisitions.
14 Sylvan Way is located within the Arbors @ Parsippany, a 2.1-million-square-foot office campus, in the middle of a transformation from a pure-play office environment to a mixed-use campus. The property is near interstates 80 and 287, and routes 10, 202 and 46, and provides access for commuters in Morris County and Northern New Jersey.
Opened in 2013, 14 Sylvan Way is a three-story LEED Gold office building with a two-story atrium lobby. The property’s amenities include a cafeteria/bistro, courtyard, tenant lounge, game room and conference facilities. 14 Sylvan Way is fully leased to Travel + Leisure Co. through August 2029.
JLL’s Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Jose Cruz and Jeremy Neuer and Associate Michael Kavaler. Tim Greiner, executive managing director, leads JLL’s leasing practice in northern and central New Jersey.
“14 Sylvan Way generated a good amount of investor interest given its location in a highly amenitized, mixed-use environment, as well as the fully leased nature of the asset,” said Cruz. “We have definitely seen a shift in investor interest in the office market with many investors capitalizing on the early mover advantage, particularly as top tier space continues to lease up and, in most markets, no new product is slated for many years to come.”
