{"id":34924,"date":"2023-01-06T09:26:57","date_gmt":"2023-01-06T06:26:57","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=34924"},"modified":"2023-01-04T10:37:27","modified_gmt":"2023-01-04T07:37:27","slug":"signature-acquisitions-buys-parsippany-office","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/signature-acquisitions-buys-parsippany-office\/","title":{"rendered":"Signature Acquisitions Closes on $88 Million Deal for Parsippany Office Building"},"content":{"rendered":"

Cranford, N.J.-based real estate development company Signature Acquisitions has purchased a 430,000-square-foot office building in Parsippany owned by Sovereign Partners. The $88 million deal that closed on December 22 highlights the continued flight to quality within the office sector throughout the entirety of 2022.<\/p>\n

A JLL\u00a0Capital Markets team led by senior managing directors Kevin O\u2019Hearn, Jose Cruz and\u00a0Jeremy Neuer, along with Analyst Peter Kim, represented the seller during negotiations for 300 Kimball, which is part of the\u00a0four-building Center of Morris County office park.<\/p>\n

The project sprawls across 9.29 acres near the intersection of I-80 and I-287 and totals 850,000 square feet of prime New Jersey office space<\/a>.<\/p>\n

Built in 2001, 300 Kimball was most recently renovated in 2013. It had an occupancy rate of 87% at the time of the sale. Specifically, the property\u2019s tenant roster includes the likes of commercial property insurer FM Global; medical device manufacturer and distributer embecta; engineering and environmental consulting service provider Langan;\u00a0and Western World Insurance\/AIG.<\/p>\n

The five-story building is LEED Silver-certified and was recently granted a BOMA building of the Year award.<\/a> Featuring a granite fa\u00e7ade and eye-catching atrium lobbies, 300 Kimball also boasts a state-of-the-art fitness center equipped with a golf simulator, modern conference rooms and an outdoor patio. There\u2019s also a full-service cafeteria on-site, as well as a game room accessible to tenants. For those driving into work, there are also electric car charging stations and ample covered parking spots.<\/p>\n

\u201cWe\u2019re\u00a0thrilled to have assisted two long-term, highly valued clients of the firm in a single transaction \u2014 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,\u201d O\u2019Hearn said. \u201cAdditionally, this transaction is reflective of the flight-to-quality trend that we\u2019re seeing in office space. Generally, the top assets in each submarket continue to perform well, and Parsippany is no different.\u201d<\/p>\n

Looking for flex, office or life sciences space?\u00a0<\/em>CommercialCafe.com<\/em><\/a>\u00a0provides you with the tools you need to find a property that matches your company\u2019s needs. Browse the latest commercial real estate listings in your preferred location and filter results by space type, size or asking price:<\/em><\/p>\n\n\n\n\n\t\n\t\n\t\n\t\n\t
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 <\/p>\n","protected":false},"excerpt":{"rendered":"

Built in 2001, 300 Kimball was most recently renovated in 2013. It had an occupancy rate of 87% at the time of the sale. Specifically, the property\u2019s tenant roster includes the likes of commercial property insurer FM Global; medical device manufacturer and distributer embecta; engineering and environmental consulting service provider Langan;\u00a0and Western World Insurance\/AIG.<\/p>\n","protected":false},"author":56,"featured_media":34926,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[37,38,4014,39],"tags":[],"class_list":["post-34924","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-deals","category-featured","category-office","wpautop"],"acf":[],"yoast_head":"\n$88 Million Deal for Parsippany Office Building | CommercialCafe<\/title>\n<meta name=\"description\" content=\"Signature Acquisitions has purchased a 430,000-square-foot office building in Parsippany owned by Sovereign Partners. 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