In what Colliers identified as the highest price per square foot for an office sale in Parsippany within the past five years, a boutique office building in the Morris County municipality sold for $4.4 million.
Colliers announced the $228-per-square-foot sale of the two-story building at 150 Smith Road Aug. 11.
According to the firm, which says it tracks the sale of office buildings over 10,000 square feet, the 19,298-square-foot building was built in 1986. Planned Cos. – a leading janitorial, maintenance, security and concierge service company – has called the property home since 2005.
Vice Chair Jacklene Chesler and Directors Patrick Norris and Joe Lane completed the sale on behalf of the unnamed seller. The deal went through Ten-X, an online commercial real estate auction platform that Colliers also recently used to secure a purchaser for an office property in Chester.
“The interest we received in this asset is proof of the ongoing strength and investor interest for the New Jersey suburban office market. Although this single tenant building isn’t a triple net lease (NNN), we received a high volume of bidders during the marketing process,” Chelser said in a statement. “Our team’s extensive market knowledge allowed us to arrange a sale that will benefit all parties in both the near and long term.”
Parsippany is Morris County’s most populous municipality. The building is located near a New Jersey Transit bus stop and also just off of Interstate 287, offering convenient access to major roadways.