1 Jefferson Road in Parsippany — Courtesy: JLL
By Joshua Burd
An office building in Parsippany is on the market for sale with more than 100,000 square feet of high-end, soon-to-be-vacant space or what brokers say is a redevelopment opportunity.
According to JLL, which is representing the would-be seller, the property at 1 Jefferson Road is part of a four-building, 850,000-square-foot campus at intersection of interstates 80 and 287 and Route 46. That makes it attractive for multiple potential outcomes, the firm said, including maintaining the office space or repurposing it to tap into the area’s growing apartment market.
The property, which was built in 2009, has since served as Day Pitney LLP’s New Jersey headquarters. The law firm will vacate the space next August to move to 8 Sylvan Way, also in Parsippany.
“1 Jefferson Road offers investors the opportunity to acquire a Class A, institutionally maintained asset in Morris County that will be shortly vacated for lease-up or repositioning,” JLL wrote in recent offering materials. It later added: “The Parsippany office market is rapidly evolving, with over (1.5 million square feet) of outdated office space being converted to other uses including residential, industrial and mixed use.”
JLL’s Jose Cruz, Jeremy Neuer and Bradley Wachenfeld are marketing the 100,010-square-foot building, with the firm’s Max Custer and Michael Pietrowicz available for financing and leasing advisory, respectively. They noted that the property has ample parking, flexible and functional floorplates, a full-service cafeteria and easy access to a host of nearby amenities such as restaurants, hotels, shopping and conference facilities.
Other tenants in and around the Center of Morris County campus include Pfizer, Paramount, Merck and AT&T, JLL said. There is a population of more than 138,000 within a five-mile radius, with an average household income of $184,167 and 62 percent of those residents holding a bachelor’s or graduate degree.