NEWARK, NJ−At the RealShare conference here last week,HFF's Jose Cruz gave a vivid account of investorfrenzy that broke out over the recent sale of the WyndhamWorldwide headquarters office building inParsippany: “Three rounds of bidding, six finalists, with avariety of investors staying in the hunt – REITS, pension funds,Israeli investors, insurance companies.”
His fellow panelists congratulated Cruz on a sale that pricedout at $400 per square foot. Then, NorthMarqCapital's Greg Nalbandian brought thediscussion on “Opportunities in Investment and Finance” back toearth.
“That is extraordinary,” he said of the scrum to acquire theParsippany building from Mack-Cali, won by the GriffinCapital REIT of California, which paid $96.6million. “I see it as evidence of a bifurcated market.”
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