1 Gatehall Drive in Parsippany — Courtesy: HFF
By Joshua Burd
Lincoln Property Co. has acquired a 114,000-square-foot office property in Parsippany, in a deal brokered by HFF’s New Jersey office.
In a news release, the firm said it represented the undisclosed seller of 1 Gatehall Drive., a four-story property along Route 202. Terms were not disclosed.
The property, which is near Route 10 and interstates 287 and 80, was renovated in 2004 and is 63 percent leased, HFF said. Tenants at the property include software, consulting, communications, staffing and food service tenants.
The HFF investment sales team representing the seller was led by Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn and directors Stephen Simonelli and Michael Oliver.
“This sale further exemplifies the demand for well-located value-add office buildings in Northern New Jersey where the buyer can continue to improve the property,” Cruz said.
The building features a two-story lobby atrium with skylight, along with a shared conference room, dining area and a fitness center. HFF also said 1 Gatehall Drive shares a fountain courtyard with an adjacent office building and is next door to a Marriott Residence Inn.