9 Entin Road in Parsippany — Courtesy: JLL
By Joshua Burd
The owner of a Parsippany office building is seeking a buyer for the nearly 194,000-square-foot asset, following a substantial update that spurred a flurry of notable leases in recent years.
According to JLL, which is spearheading the listing, the property at 9 Entin Road is 91.1 percent leased to firms such as Provident Bank, Aetna Life Insurance and Tilcon New York. That provides what the team touted as “durable in-place cash flow from a high-quality, credit tenant roster” with a weighted average lease term of 7.5 years, adding to the building’s appeal for prospective investors.
The JLL marketing team includes Jose Cruz, Jeremy Neuer and Michael Kavaler. The firm’s Ryan Carroll and Mike Pietrowicz are providing financing and leasing support, respectively.
According to the team, ownership at 9 Entin has invested roughly $10 million since 2021. That includes a full renovation of all common areas at the 193,878-square-foot building, creating spaces such as a modern conference center, a tenant lounge, food service, new lobbies and restrooms.
JLL is also pitching the property’s embedded upside with in-place rents averaging $24.03 per square foot, which is significantly below comparable properties in the market. That comes amid continuing efforts to right-size the office stock in and around Parsippany, where more than 2.4 million square feet of office space has been removed through redevelopment.
The three-story Entin Road building occupies 13.15 acres, which includes 645 parking spaces.
Newmark: AEP, Provident ink 23,000 sq. ft. lease at revamped Parsippany office building
