NYC’s Torchlight Investors Sells Parsippany Office Building

PARSIPPANY, NJ—The 4 Sylvan Way office building located within the Mack-Cali Business Campus here has changed hands.

The 105,000-square-foot office building was sold by New York City-based Torchlight Investors to a private real estate investor, according to brokerage firm JLL, which represented Torchlight in the transaction. Torchlight has acquired more than $20 billion in commercial real estate debt investments since its inception in 1995 and has $3.9 billion of assets under management.

No financial terms of the transaction were disclosed.

4 Sylvan Way is fully leased to a T-Mobile as its 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,” O’Hearn says. “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.”

The property is located within the 2.4-million-square-foot Mack-Cali Business Campus, which is expanding to include 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 is located 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, JLL notes.