300 Kimball Drive in Parsippany — Courtesy: JLL
By Joshua Burd
Signature Acquisitions has added to its suburban office portfolio in New Jersey with its purchase of a well-known, 400,000-square-foot property in Parsippany for $88 million.
According to JLL, which arranged the deal at 300 Kimball Drive, the sale by Sovereign Partners LLC comes nearly four years after its acquisition of the five-story property. The trade also gives Signature a second building within the same campus, near the intersection of interstates 80 and 287, having acquired 100 Kimball Drive in 2019.
JLL senior managing directors Kevin O’Hearn, Jose Cruz and Jeremy Neuer, along with analyst Peter Kim, represented Sovereign Partners in the sale of 300 Kimball. The team also brokered the 2019 deal in which Sovereign purchased the building from State Farm, as well as the transaction in which Signature acquired the neighboring building.
“We’re thrilled to have assisted two long-term, highly valued clients of the firm in a single transaction, Sovereign Partners with the successful execution of their value-add business strategy for the asset, and Signature Acquisitions with the strategic purchase of their second building in the office park,” O’Hearn said. “Additionally, this transaction is reflective of the flight-to-quality trend that we’re seeing in office space — generally the top assets in each submarket continue to perform well, and Parsippany is no different.”
Completed in 2001 and most recently renovated in 2013, 300 Kimball is 87 percent leased to tenants including anchors FM Global, Langan, embecta and Western World Insurance/AIG. The building was among the earliest in New Jersey’s suburban office market to attract new tenants after being repositioned with new amenity spaces and systems, a trend that is now widespread across the industry.
JLL added that the property has silver certification on the U.S. Green Building Council’s Leadership in Energy and Environmental Design scale, while it’s a past recipient of the Building Owners and Managers Association’s Building of the Year award. With a distinctive granite façade and atrium lobbies, the building has amenities such as a high-end fitness center with locker rooms, a golf simulator, a full-service cafeteria with expansive seating, a tenant lounge and game room with after-hours grab and go food service, a modern conference center, an outdoor patio with putting green, electric car charging stations, a walking trail and ample covered parking including a separate gated executive section.
The structure sits on 9.29 acres within a four-building, 850,000-square-foot office park called The Center of Morris County.