4 Sylvan Way in Parsippany — Courtesy: JLL
By Joshua Burd
A private regional investor has acquired the Parsippany office building that is home to T-Mobile’s regional headquarters, under a newly announced transaction by JLL.
Brokers with the firm represented the seller, Torchlight Investors, in the transaction at 4 Sylvan Way. The 105,000-square-foot property, which sits within the Mack-Cali Business Campus, changed hands after hitting the market this past spring.
JLL senior managing directors Jose Cruz and Kevin O’Hearn, senior directors Michael Oliver and Stephen Simonelli and Senior Associate Grace Braverman completed the assignment. Terms were not disclosed.
“This sale reflects the continued strong demand for high quality, suburban office properties in northern New Jersey,” O’Hearn said. “Parsippany in particular, as well as the surrounding markets, has seen exceptional sale activity as investors seek higher yields than are available in other asset classes such as industrial or multifamily.”
In a news release Thursday, JLL highlighted recent additions to the Mack-Cali Business Campus including Wegmans, 24-Hour Fitness, Panera and others. The firm also cited the building’s proximity to other blue-chip tenants and its accessibility from interstates 287 and 80.
T-Mobile has occupied the three-story property since 2002 and uses the complex as its Northeast regional headquarters and network operations center.