Holliday Fenoglio Fowler LP announced it has closed the $66 million sale of 300 Kimball Drive, a Class A office asset of approximately 400,000 square feet in Parsippany.
The property is situated on a 9.29-acre site at the intersection of Interstates 80 and 287, within a four-building, 850,000-square-foot office park called The Center of Morris County.
HFF marketed the property on behalf of the seller and procured the private buyer. The HFF investment advisory team representing the seller included Senior Managing Directors Kevin O’Hearn and Jose Cruz and Senior Directors Stephen Simonelli and Michael Oliver.
Originally built in 2001, the seller, a large national insurance company advised by Transwestern Investment Group, occupied the space entirely until they began to phase out in 2013 and did a full renovation to accommodate multi-tenancy.
The five-story office building is LEED Silver certified, a recipient of BOMA Building of the Year and offers tenants an amenity package, including a fitness center with locker rooms, full-service cafeteria, conference center, atrium lobby, walking trail, outdoor patio and covered parking.
The 78-percent-leased property is home to notable tenants including FM Global, Fiserv, Langan Engineering and Western World Insurance.