PARSIPPANY, NJ—New York-based Time Equities, in a joint venture with Bergman Realty Corporation, has acquired a three-building Parsippany, NJ office portfolio from Mack-Cali Realty Corporation for $15.4 million. The three class B multi-tenant buildings at 4 Century Drive, 5 Century Drive and 6 Century Drive are TEI’s fourth office acquisition in New Jersey.
Spanning 280,237 square feet, the three-building collection is 57 percent occupied, with 18 tenants currently in place. The site is situated adjacent to the Mack-Cali business campus, located at 8 Campus Drive, which encompasses 15 class A office properties totaling approximately 2.1 million square feet.
“Demonstrating strong public sector job growth, New Jersey’s annual leasing activity reached a record high in 2015, lending itself well to development opportunities along attractive office corridors,” says Aaron Medeiros, director of acquisitions with Time Equities. “As TEI continues to expand its substantial Northeast portfolio, comprised of a variety of real estate classes, we felt that Parsippany was a reasonable fit. We look forward to implementing a series of design and amenity focused building upgrades that will dramatically improve the building for our existing tenants, and hopefully attract new companies as well.”
- 4 Century Drive is a three-story, 100,036-square-foot building. Current tenants include Continental Casualty, occupying almost 20 percent of the building, and Cuyler Burk, occupying 6.4 percent of the building.
- 5 Century Drive is a three-story, 80,000-square-foot building. Current tenants include Diagnostica, occupying approximately 61 percent of the building, and Collabera, occupying over 33 percent of the building.
- 6 Century Drive is a three-story, 100,158-square-foot building. Current tenants include M.D. Online, occupying over 33 percent of the building, and Wegman’s occupying 5 percent of the building.
José Cruz of Holliday Fenoglio Fowler brokered the deal on behalf of Mack-Cali. Aaron Medeiros represented Time Equities in-house.
CORRECTION, 7/21/2016: An earlier version of this story, based on information provided by TEI, did not mention Time Equities’ joint venture partner, Bergman Realty Corporation.