5 Wood Hollow Road in Parsippany — Courtesy: CBRE
By Joshua Burd
The new owner of a 331,000-square-foot office building in Parsippany has named CBRE as its leasing agent, with plans to renovate the property after acquiring it late last year.
The New York-based firm, PAG Investments, purchased 5 Wood Hollow Road from Mack-Cali Realty Corp. as part of its expanding portfolio in New Jersey. It now aims to upgrade both the interior and exterior of the building, seeking to capitalize on its location at the crossroads of interstates 80 and 287.
“We are excited about the opportunity to revitalize 5 Wood Hollow and solidify its position as the premier office building in the market,” said Gershon Alexander, principal of PAG. “Our plan is to renovate and upgrade the common elements of the building, such as a brand-new cafeteria and a state-of-the-art conference room for all tenants to enjoy. We also plan to create an outdoor gathering area in order to provide an exceptional experience for our tenants and its visitors.”
CBRE’s Dan Casey will spearhead the leasing team on behalf of ownership.
“CBRE is thrilled to have the opportunity to work with PAG Investments and assist them in the lease-up of this high-profile asset,” said Casey, a first vice president with CBRE. “Currently, we have the entire third floor consisting of approximately 118,000 sq. ft. available for lease, which represents the largest contiguous block of furnished office space on one floor in the entire Parsippany submarket.”
Built in 1984 and renovated in 2005, 5 Wood Hollow Road sits on 23 acres. The Charles Gwathmey-designed building includes amenities such as a cafeteria with indoor and outdoor seating, conference facilities, fiber optics for high-speed connectivity and ample parking.
The property also features a three-story atrium lobby with stone floors, stone and wood wall panels, acoustic ceilings, lighting and glass railings, along with energy-efficient HVAC building management systems and a 3500-kW emergency backup generator for the entire third floor.
