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Real Estate

Transwestern Investment Group Sells Parsippany Office Building

Transwestern Investment Group (TIG) announced it has sold a 400,127-square-foot, Class A office building at 300 Kimball Drive in Parsippany, on behalf of a large national insurance company. The sale follows an expansive capital improvement program which transformed the asset from a single-tenant property into a state-of-the-art, multi-tenant facility.

Fully occupied by the seller until 2013 when renovations began, property improvements included redesigns of the building’s 4,900-square-foot lobby, 8,600-square-foot bistro, and 3,000-square-foot fitness center. Additionally, numerous sustainable improvements were implemented to strengthen the building’s performance. As a result of these efforts, the building received LEED® Silver certification, has earned an ENERGY STAR®certification four times, and won the Grand TOBY award from the Building Owners and Managers Association in 2017, the association’s highest honor.

Built in 2001, Transwestern Commercial Services (TCS) has provided leasing and property management services for 300 Kimball Drive since 2012 and oversaw the renovations. The office leasing team of TCS Partner and New Jersey Market Leader James Postell and Managing Director Matthew McDonough achieved outstanding leasing momentum at the property over the next few years. Now the property is 78 percent leased to notable tenants, including FM Global, Fiserv, Langan Engineering and Western World Insurance.

The Holliday Fenoglio Fowler, L.P. (HFF) team representing the seller included Senior Managing Directors Kevin O’Hearn and Jose Cruz and Senior Directors Stephen Simonelli and Michael Oliver. HFF also procured the private buyer.

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