629 Parsippany Road in Parsippany — Courtesy: Newmark Associates CRE
By Joshua Burd
A long-term investor has acquired a nearly 30,000-square-foot office building in Parsippany, paying $5 million for the property in a deal arranged by Newmark Associates CRE.
The brokerage firm said the asset, 629 Parsippany Road, is fully occupied by an established and reputable law firm, providing cash flow and value for the new owner. That made for an attractive investment opportunity, Newmark Associates said, adding that the 29,500-square-foot building is close to major highways and the extensive corporate infrastructure that helped launch Parsippany as a major business destination.
Nancy Stanton Tuckman brokered the transaction.
“This transaction reflects the continued demand for income-producing office assets in strong suburban markets,” said Tuckman, a managing director with Newmark Associates. “The combination of a well-maintained property, a longstanding tenant and a desirable Parsippany location made this a prime investment opportunity.”
