300 Kimball Drive in Parsippany — Courtesy: HFF
By Joshua Burd
A buyer has paid $66 million to acquire a 400,127-square-foot office building in Parsippany, the site of a well-known effort to renovate and transition the property to a multitenant asset.
Brokers on Thursday announced the sale of 300 Kimball Drive, which sits at the intersection of interstates 80 and 287. HFF represented the seller, a large national insurance company advised by Transwestern Investment Group, in the trade to a private buyer.
The HFF team included senior managing directors Kevin O’Hearn and Jose Cruz, along with senior directors Stephen Simonelli and Michael Oliver.
“It was great to work with a prestigious institutional seller and their adviser, Transwestern, in the successful sale of this highly visible trophy asset, which the owner transitioned from a full user to a multi-tenancy property with an impressive tenant roster,” O’Hearn said.
Sitting on more than nine acres, 300 Kimball Drive is home to tenants including Langan Engineering and Environmental Services, FM Global, Fiserv and Western World Insurance. The property was originally built in 2001, sitting within the four-building, 850,000-square-foot office park called The Center of Morris County.
The seller was the building’s lone occupant until it started to phase out in 2013 and did a full renovation to accommodate multi-tenancy, HFF said. According to Transwestern, which oversaw the repositioning, those improvements included redesigns of the building’s lobby, bistro and fitness center, along with several improvements to strengthen the building’s performance.
As a result of these efforts, the building received silver certification on the U.S. Green Building Council’s Leadership in Energy and Environmental Design scale and has earned an ENERGY STAR certification four times, according to a news release. The five-story property also earned the highest honor in 2017 from the Building Owners and Managers Association.
The building was 78 percent leased at the time of the sale.
