Repositioned Parsippany Office Building Changes Hands

1 Gatehall Drive, Parsippany, NJ

PARSIPPANY, NJ—Almost two-and-a-half years after purchasing the 115,000-square-foot office building here, a partnership of Lincoln Property Co. of Dallas and Development Ventures Group of New York City has sold 1 Gatehall Drive to an affiliate of Lakewood Equities.

Cushman & Wakefield, which represented the seller in the transaction, says the property attracted significant investor interest due to the building improvements that made the building more suitable to small and mid-sized users. During a recent competitive bidding process, Cushman & Wakefield conducted tours with more than 15 potential buyer groups and received multiple offers for 1 Gatehall Drive.