State Farm Sells 300 Kimball Drive in Parsippany, NJ for $66M

PARSIPPANY, NJ—State Farm Insurance has sold 300 Kimball Drive, a class A trophy office asset of approximately 400,000 square feet in Parsippany, NJ. Holliday Fenoglio Fowler marketed the property on behalf of State Farm, which was advised by Transwestern Investment Group. HFF also procured the private buyer. The seller was identified by Real Capital Analytics, a proprietary database service that tracks commercial real estate transactions.

300 Kimball Drive occupies 9.29 acres site at the intersection of Interstates 80 and 287, within a four-building, 850,000-square-foot office park called The Center of Morris County.  Originally built in 2001, State Farm acquired the property in 2012, and occupied it entirely until it started to phase out in 2013 and did a full renovation to accommodate multiple tenancy.  The five-story office building is LEED Silver certified, a recipient of BOMA Building of the Year and offers tenants an outstanding amenity package, including a fitness center with locker rooms, full-service cafeteria, conference center, atrium lobby, walking trail, outdoor patio and covered parking.  The 78%-leased property is home to notable tenants, including FM Global, Fiserv, Langan Engineering and Western World Insurance.

The HFF investment advisory team representing the seller included senior managing directors Kevin O’Hearn and José Cruz and senior directors Stephen Simonelli and Michael Oliver.

“It was great to work with a prestigious institutional seller and its advisor, Transwestern, in the successful sale of this highly visible trophy asset, which the owner transitioned from a full user to a multi-tenancy property with an impressive tenant roster,” O’Hearn says.