"The buyer was attracted to the two buildings because theyrepresent an opportunity to add value," says GVA Williams' SVPDavid Csontos, who co-brokered the sale with associate Eric Rubin."The buyer was selected from among a number of prospectiveinvestors because of their track record and their ability to closethe deal in 21 days from contract signing.

"The timing of this disposition allowed LWS to take advantage ofthe abundant sources of capital seeking quality assets inhistorically strong submarkets," Csontos continues.

The larger of the two buildings is 959 Route 46 East, also knownas Parsippany Place, a 131,439-sf, five-story office building.Originally built in 1986, the building recently underwent asignificant 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 listedwith an asking price of $22 per sf.