JLL announced that it has closed the sale of 4 Sylvan Way, a 105,000-square-foot, Class A office building in Parsippany.
JLL marketed the property on behalf of the seller, Torchlight Investors, and procured the buyer, a private regional investor.
4 Sylvan Way is located within the prestigious 2.4-million-square-foot Mack-Cali Business Campus, which is expanding to include desirable retailers such as Wegmans, 24-Hour Fitness, Panera, Capital Grille and Seasons 52. Additionally, the area is the location of choice for many corporations, including Zoetis, Wyndham Worldwide, GAF, Tiffany and Avis, among others. 4 Sylvan Way has tremendous accessibility located just minutes from Interstates 287 and 80, which provide access to Northern New Jersey, Eastern Pennsylvania and New York State. The three-story property was recently renovated and offers a modern work environment with communal spaces, exposed high ceilings and numerous training and conference rooms. 4 Sylvan Way is fully leased to a mobile telecommunications company as their Northeast Regional Headquarters and includes a network operations center.
The JLL Capital Markets team representing the seller included Senior Managing Directors Jose Cruz and Kevin O’Hearn, Senior Directors Michael Oliver and Stephen Simonelli and Senior Associate Grace Braverman.
“This sale reflects the continued strong demand for high quality, suburban office properties in Northern New Jersey,” stated O’Hearn. “Parsippany in particular, as well as the surrounding markets, has seen exceptional sale activity as investors seek higher yields than are available in other asset classes such as industrial or multi-family.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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