PARSIPPANY, NJ-An unnamed offshore investor, advised by Lend Lease Real Estate Investments and HypoVereinsbank, has acquired the 175,000-sf 200 Kimble Dr. here from JPMorgan Special Situation Property Fund, a commingled pension trust fund managed by JPMorgan Fleming Asset Management. Cushman & Wakefield’s Financial Services Group, East Rutherford, NJ, represented the seller and procured the buyer. The sale price was not disclosed.

This latest deal, combined with the earlier sale by the Rockefeller Group of three buildings totaling 610,000 sf within Rockefeller Corporate Park, Florham Park, NJ to Investcorp, amounts to a total of approximately $150 million worth of transactions. As reported by, the earlier sale was similarly arranged by C&W’s FSG, and the two deals are among the largest office sales in New Jersey this year.

They also represent increased interest in New Jersey real estate by offshore investors, this despite weakened office market fundamentals, according to Andrew Merin, executive vice president and head of C&W’s FSG. “Despite the challenges of the leasing market, we were able to generate significant interest in both properties,” according to Merin. “In a trend that we see evolving, both properties were acquired by foreign investors and funded by overseas equity capital.”

The Gale Co. developed 200 Kimble Dr. for JPMorgan Fleming, finishing construction of it early this year. The property is 85% leased on a long-term basis to pharma giant Novartis. A law firm occupies the rest of the building, according to Gary Gabriel, a senior director with C&W’s FSG.

“The offering attracted a great deal of interest and multiple bidders, due to the property’s appeal and its status within the market,” according to Gabriel.

And as reported earlier by, the three Florham Park buildings sold by Rockefeller to Investcorp are within the former ExxonMobil headquarters campus. Two of the three buildings are fully leased to AT&T on a long-term basis, while the third is 75% occupied by Novartis.

“Although today’s commercial market fundamentals are weak, a high level of investor demand continues for well-located, stabilized properties like Rockefeller Group Corporate Park and 200 Kimble Dr.,” Merin says. “There has been a surge of capital into the real estate market from institutional owners and developers here and abroad, reflecting the continuing shift from the stock market to tangible investments.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.