Colliers closed three recent office sales, underscoring demand for a diversity of locations – suburban and downtown – that offer accessibility, and setting an East Coast record.

So far in 2025, the brokerage, professional services and investment management company announced the sale of a downtown boutique building in Union County in January, followed by two Parsippany deals: the largest office transaction via a Ten-X auction on the East Coast, and a transaction for a renovated building along Route 10 revealed Feb. 14.

Spanning approximately 330,000 rentable square feet, 2 Gatehall Drive is a Class A office building set on 19 acres in Morris County. According to Colliers, the milestone East Coast transaction recorded a $17.8 million sale price. The firm announced the auction in September 2024.

“This property offered a tremendous value-add opportunity,” said Colliers Vice Chair Jacklene Chesler. “The stable income stream from credit tenants, combined with the ability to lease up the remaining space, made it an attractive option for investors, developers and users in today’s market.”

Located within a master-planned 58-acre corporate campus, 2 Gatehall Drive has undergone nearly $6 million in capital investments. Colliers said the property was 30% occupied at time of sale.

The building features a three-story atrium, full-service cafeteria with yoga studio and energy-efficient infrastructure, including a 600-kilowatt backup generator and a 1.52-megawatt solar array.

Neither the buyer nor seller was identified in the 2 Gatehall Drive announcement. Last March, CBRE was tapped for an exclusive leasing assignment at the property on behalf of ownership and management at the time, both based in White Plains, N.Y.

A Colliers team featuring Chesler, Vice President Patrick Norris and Director Philippe Jomphe represented the property throughout the sale process.

Parsippany – Route 10

Elsewhere in Parsippany, a 1031 Exchange buyer purchased 2200 Route 10, a two-story, 63,143-square-foot office building, for $8.2 million, Colliers said. The firm did not disclose the buyer or seller.

Along with a strong tenant base, recent updates to the property boost its appeal – as seen with other recent transactions. According to their respective websites, current occupants include: Success ABA Therapy providers On The Spectrum, OOMC‘s Omni Eye Services and others.

Additionally, it offers access to major roadways, such as Routes 46 and 202 as well as Interstates 80 and 287.

“The successful sale of 2200 Route 10 highlights the property’s value as a renovated, strategically located asset in Morris County,” Chesler said. “With substantial capital improvements and a diversified tenant mix, this property offers a compelling opportunity for both immediate returns and long-term growth.”

Chesler, Norris, Jomphe and Director Matthew Cohen represented the seller in the Route 10 transaction.

Cranford

In Cranford, Colliers arranged the sale of 511 South Ave. E. for $2.45 million. Vacant at the time of sale, the building measures 11,500 square feet.

According to the firm, buyer American Maritime Services NJ Inc. also plans to occupy the space as its user. Colliers announced availability for the property in September 2024, which was then listed for auction on Ten-X from Oct. 7-9.

The two-story building drew interest from investors as well as developers, Colliers said. However, the firm highlighted a broader emergent trend of owner-occupiers increasingly driving demand. The firm said these users prioritize locations with long-term stability, convenience and accessibility.

“Our team has experienced an uptick in user interest in purchasing office buildings over the past few quarters,” said Chesler. “The marketing process for this property attracted strong demand, not just from local businesses, but also from regional developers and investors looking to capitalize on Cranford’s continued growth.”

More than 2,220 new multifamily units are built or underway within a 3-mile radius, Colliers noted. That’s amid a larger Union County resurgence, which has seen ongoing redevelopment as well as a growing residential base.

Chesler, Norris and Cohen represented the seller in the Cranford deal.