An approximately 430,000-square-foot trophy office building in Parsippany sold recently to Signature Acquisitions of Cranford, as a flight to quality persists in the sector.
JLL Capital Markets announced the sale of 300 Kimball for $88 million Dec. 22, representing the seller – Sovereign Partners LLC – in the transaction.
The team was led by Senior Managing Directors Kevin O’Hearn, Jose Cruz and Jeremy Neuer and analyst Peter Kim.
Situated on 9.29 acres near the intersection of Interstates 80 and 287, within the the four-building, 850,000-square-foot The Center of Morris County office park, the property was most recently renovated in 2013 and is 87% leased.
Anchors at the five-story building include FM Global, Langan Engineering, embecta and Western World Insurance/AIG.
JLL also handled the prior sale of 300 Kimball to Sovereign Partners from State Farm in 2019, in addition to having sold an adjacent building to Signature Acquisitions that same year.
“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,” O’Hearn said in a prepared statement. “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.”
The property, which benefits from strong visibility along I-80, is LEED Silver-certified and a recipient of the BOMA Building of the Year award. Among its features and amenities are: a granite façade, dramatic atrium lobbies, state-of-the-art fitness center with locker rooms and golf simulator, full-service cafeteria with seating, tenant lounge/game room with after-hours grab and go food service, modern conference center, outdoor patio with putting green, electric car charging stations, walking trail and ample covered parking — including a separate gated executive section.=