NAI James E. Hanson Closes Sale of Twin Office Building Complex in Parsippany

On May 14, 2015

NAI Hanson, a leading New Jersey-based commercial real estate firm, today announced that it has arranged the sale of the 44,596-square-foot, class-A Boulevard Common office complex at 1140-1160 Parsippany Boulevard in Parsippany. The buyer, enterprise technology solutions provider Micro Strategies, Inc. will occupy the complex’s two buildings after relocating from Mt. Olive.

NAI Hanson Senior Vice President Josh Levering, SIOR and Executive Managing Director Michael Walters, SIOR marketed the twin-building campus on behalf of the property’s previous owner HGF Parsippany Blvd, LLC. The buyer was represented by Cushman and Wakefield.

According to Levering, Micro Strategies was impressed with the recently renovated complex’s overall package of offerings, including its condition and state-of-the-art infrastructure, its window lines, the opportunity to brand through visible building signage and its convenient location — less than one mile from Routes 287, 80 and 46, which enables direct driving access from every direction in Northern New Jersey.

Levering also noted that this transaction reflects an emerging trend of companies pursuing opportunities to own the office facilities they occupy.

“We’re seeing increased interest among companies to purchase buildings they intend to occupy,” Levering said. “Buildings as well-maintained as Boulevard Commons have become attractive investment assets especially for growing companies that want to make long-term commitments the region. Property ownership is an expression that companies are committed long term and here to stay.  Ownership indicates growth and prosperity with a desire to contribute to civic life in the community they locate.”

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