PAG Finances Recent Parsippany Office Building Deal
The financing was arranged by JLL Capital Markets and provided by Prime Finance for the 330,631-square-foot office building that PAG Investments purchased from Mack-Cali Realty of Jersey City in late 2019.
PARSIPPANY, NJ—New York City-based PAG Investments has secured $31.12 million in financing for its recently acquired 5 Wood Hollow Road office building.
The financing was arranged by JLL Capital Markets and provided by Prime Finance for the 330,631-square-foot office building that PAG Investments purchased from Mack-Cali Realty of Jersey City in late 2019.
The bridge loan has two one-year extension options and proceeds will be used to acquire the property and fund future capital expenditures and leasing advances.
Until recently, the three-story building’s top floor—totaling approximately 117,000 square feet—was occupied by AIG. 5 Wood Hollow Drive is located on nearly 23 acres at the Interstate 80 and 287 interchange in northern Parsippany.
The building features average floor plates of 117,000 square feet, an atrium lobby, a full-service cafeteria, fitness center, conference facilities and ample parking. 5 Wood Hollow Drive is currently 65% leased.
The JLL Capital Markets team that worked on the deal included senior managing director Michael Klein and associate Andrew Zilenziger.