5 Wood Hollow Road in Parsippany — Courtesy: Cushman & Wakefield
By Joshua Burd
A real estate investment firm has added to its New Jersey portfolio, acquiring a 333,000-square-foot office building in Parsippany from Mack-Cali Realty Corp.
Brokers with Cushman & Wakefield announced Monday that PAG Investments, which is based in Manhattan, has closed on its purchase of 5 Wood Hollow Road. The buyer now plans to upgrade the building’s common areas as it markets the complex’s top floor, which totals roughly 117,000 square feet and was recently vacated by AIG.
C&W’s Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Frank DiTommaso represented the seller and procured the buyer, with support from leasing brokers William O’Keefe and Kelsey Nakamura. Terms were not disclosed.
“The buyer selection process was extremely competitive and involved multiple rounds of bidding,” said Gabriel, who led the assignment. “PAG Investments has a proven track record of execution and performed as expected.”
Sitting on 23 acres, 5 Wood Hollow Road was designed by world-renowned architect Charles Gwathmey of Gwathmey Siegel & Associates Architects, C&W said in a news release. The firm noted that the building’s 117,000-square-foot top floor is laid out for a full-floor user and is equipped with office furniture and infrastructure to support a large tenant requirement, touting it as the only contiguous, single-floor availability of its size within the market.
The brokerage team also highlighted the building’s location at the nexus of Morris County’s major highways, including interstates 80 and 287 and routes 46 and 202. The building features a modern stone and reflective glass exterior, full-height atrium lobby and infrastructure such as a new roof, well-maintained systems and backup power with three on-site transformers.
Amenities include a full-service cafeteria and a fully renovated fitness center with shower and locker facilities. It also is within walking distance of the Sheraton Parsippany.
“5 Wood Hollow Road is a prominent and recognizable address and Mack-Cali has done an excellent job in maintaining the building to a higher standard than the majority of buildings within the immediate market,” DiTommaso said. “PAG Investments saw value in both the quality of the building and the in-place tenancy and will continue to benefit from existing cash flow while further repositioning the property.”
