1 Gatehall Drive in Parsippany — Courtesy: Cushman & Wakefield
By Joshua Burd
A joint venture has sold a 115,000-square-foot office building in Parsippany, under a newly announced transaction by Cushman & Wakefield.
Brokers with the firm represented the partners, Lincoln Property Co. and Development Ventures Group, in the sale of 1 Gatehall Drive. The offering drew tours with more than 15 prospective buyers, C&W said, noting that an affiliate of Lakewood Equities ultimately purchased the four-story complex for an undisclosed price.
“The Lincoln Property Company and Deven Group partnership did an outstanding job bringing out the potential of this boutique asset,” said Gary Gabriel, a member of C&W’s New Jersey capital markets team. “In particular, their execution of physical upgrades and amenity enhancements allowed their leasing program to generate over a dozen new leases and renewals during the past 18 months.”
Gabriel headed the assignment alongside David Bernhaut, Andy Merin, Frank DiTommaso and Andy Schwartz. C&W office leasing specialists William O’Keefe and Kelsey Nakamura also supported the transaction.
In a news release Friday, the real estate services firm said 1 Gatehall Drive was 86 percent leased at the time of the sale to more than 20 tenants. The property’s flexible layout caters specifically to small and midsize users, C&W said, adding that the building has an average tenant size of 3,400 square feet.
“Historically, over 30 percent of all leasing activity within the Parsippany submarket has consisted of transactions less than 10,000 square feet, and last year, 80 percent of activity within the larger Morris County market was made up of deals in that size range,” DiTommaso said. “Lakewood Equities recognized the property’s competitive positioning within the market and will continue to benefit from increased occupancy and newly executed leases.”