4 Sylvan Way in Parsippany — Courtesy: HFF
By Joshua Burd
The Parsippany office building that is home to T-Mobile’s regional headquarters is up for sale, according to brokers with HFF who are marketing the property.
The 105,135-square-foot complex, located at 4 Sylvan Way, is fully leased on a long-term, net basis to the wireless giant’s Northeast subsidiary. The company has been a tenant since 2002 and has more than seven years left on its current 10-year lease, HFF said, benefiting from its location near interstates 287 and 80.
“This desirable location near two of New Jersey’s most traveled highways offers convenient access to the dense and highly skilled labor pool of residents that live in northern New Jersey, Eastern Pennsylvania and New York State,” HFF wrote in its offering materials. “Due to its ideal location and accessibility, the area is the location of choice for many corporations including Zoetis, Wyndham Worldwide, GAF, Tiffany and Avis, among others.”
The building, which was built in 1984 and substantially renovated in 2006, is expected to draw offers around $16 million.
In the offering, HFF said T-Mobile’s lease includes annual rent steps. The firm also said the rent at 4 Sylvan is below market for a single-tenant lease, offering the chance for additional value upon rollover.
T-Mobile uses the property for office and training operations and to house its Network Operations Center, or NOC, one of only four such facilities in the nation, the brokers said. The NOC supports cell tower operations across the U.S and is a 24/7 center.
HFF also said the property offers a working base for a partnership between T-Mobile and Ericsson, which have a $3.5 billion agreement to support the carrier’s nationwide 5G network deployment.
The HFF team that is marketing 4 Sylvan includes Jose Cruz, Kevin O’Hearn, Stephen Simonelli, Andrew Scandalious, Michael Oliver and Grace Braverman. Michael Klein is heading the financing effort.