15 Waterview Blvd. in Parsippany — Courtesy: JLL
By Joshua Burd
Another office building in Parsippany is on the market for sale for potential redevelopment or repositioning, in a newly announced offering by JLL’s New Jersey capital markets team.
Brokers with the firm say the 10-acre property, 15 Waterview Blvd., is poised to draw interest thanks in part to its location at the Interstate 287 interchange on routes 202 and 46. That makes it easily accessible to other major highways, regional employment hubs and a densely populated, highly educated workforce — “making it ideal for repositioning to unlock its full potential.”
The existing 130,000-square-foot office building is also adjacent to a new retail center with Whole Foods, Ulta, Shake Shack and other tenants.
“15 Waterview Blvd is an exceptional investment opportunity, offering versatility and significant upside with redevelopment potential in one of New Jersey’s most desirable markets,” JLL wrote in its offering materials, adding: “The Parsippany market is witnessing significant redevelopment activity, with over 1.5 million (square feet) of outdated office space being converted to residential, industrial and mixed-use properties made possible by a municipality that is pro-redevelopment.”
JLL’s Jose Cruz, Jordan Avanzato, Jeremy Neuer, Marc Duval, Ryan Robertson, Nicholas Stefans and Jason Lundy are marketing the property with support from Max Custer and Gerard Quinn of the firm’s financing team. They noted that the population within five miles of the site exceeds 138,000, with an average household income of $184,167 and 62 percent holding a bachelor’s or graduate degree.
The JLL team recently listed a separate, 100,010-square-foot office building in Parsippany at 1 Jefferson Road that it said “will be shortly vacated for lease-up or repositioning.” Meantime, the firm last fall brokered the sale of an empty office property at 2 Hilton Court to Link Logistics, which is slated to redevelop the site as a 123,000-square-foot warehouse.
JLL: Buyer wanted for high-end Parsippany office building, would-be redevelopment site
