14 Sylvan Way in Parsippany — Courtesy: JLL
By Joshua Burd
A real estate investment trust is looking to sell a nearly 204,000-square-foot office building in Parsippany, where brokers are touting an upscale work environment with reliable cashflow.
According to JLL, which is marketing the property, 14 Sylvan Way is 100 percent net leased to Travel + Leisure through August 2029. That equates to nearly $26 million in contractual income even though the tenant has vacated the building and subleased more than 94,000 square feet to users including CohnReznick, a national accounting and advisory firm.
The brokerage team added that the 203,506-square-foot building, which was completed in 2013, holds a gold certification on the U.S. Green Building Council’s Leadership in Energy and Environmental Design scale. It also has high-end amenities such as a full-service cafeteria, a courtyard, a tenant lounge and game room and conference facilities.
“The 4.2-year (weighted average lease term) provides a future owner with a long runway to execute on lease-up opportunities while collecting significant in-place cash flow,” JLL wrote in its offering materials, while citing the building’s easy access to interstates 80 and 287 and routes 10, 202 and 46. “Located in the former Mack-Cali Business Campus, the area is transforming from an office-only development to a dynamic mixed-use campus which will feature multifamily, retail and lifestyle amenities including LifeTime Fitness.”
JLL’s Jose Cruz, Jeremy Neuer and Bradley Wachenfeld are representing the would-be seller, while the firm’s Michael Lachs and Tim Greiner are available for financing and leasing advisory, respectively. They noted that CohnReznick occupies the third floor and is a candidate to sign a direct lease that would allow it remain in the building beyond 2029.
