A trophy office property in Parsippany, New Jersey has traded hands for $88 million. Located at 300 Kimball Drive, the office building was built in 2001 and is approximately 430,000 square feet.
The building is located on 9.29 acres near the intersection of Interstates 80 and 287. It is situated within The Center of Morris County, a four-building office park. The property offers strong visibility along I-80 and is widely considered to be one of the most desirable office assets in the Parsippany submarket.
Most recently renovated in 2013, the Morris County property is five stories and currently 87% leased to a variety of tenants, including anchors FM Global, Langan Engineering, embecta, and Western World Insurance/AIG. Other building features include a fitness center with locker rooms and golf simulator, a full-service cafeteria, a tenant lounge/game room, electric car charging stations, and ample covered parking including a separate gated executive section.
JLL represented the owner, Sovereign Partners, LLC, in selling the property to Signature Acquisitions. JLL also handled the prior sale from State Farm to Sovereign Partners in 2019, in addition to having sold Signature Acquisitions the adjacent building (100 Kimball) in 2019.
The JLL Capital Markets team representing the seller was led by Senior Managing Directors Kevin O’Hearn, Jose Cruz and Jeremy Neuer, and analyst Peter Kim.
According to O’Hearn, “We’re thrilled to have assisted two long-term, highly valued clients of the firm in a single transaction, Sovereign Partners with the successful execution of their value-add business strategy for the asset, and Signature Acquisitions with the strategic purchase of their second building in the office park. Additionally, this transaction is reflective of the flight-to-quality trend that we’re seeing in office space – generally the top assets in each submarket continue to perform well, and Parsippany is no different.”