"The buyer was attracted to the two buildings because they represent an opportunity to add value," says GVA Williams' SVP David Csontos, who co-brokered the sale with associate Eric Rubin. "The buyer was selected from among a number of prospective investors because of their track record and their ability to close the deal in 21 days from contract signing.
"The timing of this disposition allowed LWS to take advantage of the abundant sources of capital seeking quality assets in historically strong submarkets," Csontos continues.
The larger of the two buildings is 959 Route 46 East, also known as Parsippany Place, a 131,439-sf, five-story office building. Originally built in 1986, the building recently underwent a significant capital improvement of its lobby area and common areas. Currently, the building is 75% occupied by such tenants as Toshiba, Progressive Insurance and Medtronics. Available space is listed with an asking price of $22 per sf.
The second building is 199 Pomeroy Rd., a three-story, 76,232-sf asset also known as Crossroads Corporate Center. Built in 1979, it was originally built in 1979 and underwent a complete renovation in 1998. The building was 85% leased at the time of sale, with Magellan Health Services occupying the majority of its space. It's also the building housing the New Jersey offices of Lincoln Property Co. And available space is similarly listed with an asking price of $22 per sf.
"The new owners plan to upgrade the building systems and aesthetics to secure new tenants and satisfy the needs of existing tenants seeking to expand or extend their current leases," Csontos says.
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