4 Gatehall Drive in Parsippany — Courtesy: Cushman & Wakefield
By Joshua Burd
The Birch Group has secured more than $31 million in financing for its purchase of a nearly 266,000-square-foot office building in Parsippany, in a deal arranged by Cushman & Wakefield.
Brokers with the firm represented the borrower in sourcing the three-year loan, which was provided by Money360. The debt advisory team announced the deal Friday, noting that its client is now planning a series of upgrades at 4 Gatehall Drive after completing the acquisition.
“The property’s high-quality tenancy, prestigious corporate location and best-in-class sponsorship drove a highly competitive capital markets execution,” C&W’s John Alascio said. “We’re grateful for the opportunity to represent The Birch Group in the financing of this exciting acquisition.”
Alascio secured the $31.31 million loan alongside Chuck Kohaut, TJ Sullivan and Meredith Donovan. In a news release, the team said 4 Gatehall is a 265,649-square-foot building at the intersection of routes 202 and 10 and two miles from interstates 287 and 80.
The property is home to several corporate headquarters tenants including B&G Foods, McCabe Heidrich & Wong, GSH Group and Esseco USA, the news release said. C&W also touted recently updated amenities such as a full-service cafeteria, a high-end fitness center and a conference facility.
“Money360 was quickly able to recognize the project’s compelling value proposition and worked with the sponsor to provide creative loan terms tailored to meet their unique needs,” Kohaut said. “This accretive financing will provide The Birch Group with the flexibility to successfully execute their business plan.”
Additional improvements by The Birch Group will include updates to the building’s exterior and full upgrades to the property’s front and rear lobbies, restrooms and common areas, the news release said.
“As we continue to expand our portfolio of trophy office assets in key markets throughout the state, we’ll remain steadfast in our hands-on and diligent approach to asset management,” said Christopher DeLorenzo, executive vice president at The Birch Group. “With recently upgraded amenities and our additional improvements at 4 Gatehall combined with the property’s prime location in the heart of the Morris County business corridor, we see tremendous upside with this asset.”