Signature Acquisitions Purchases 400,000 SF Office In Parsippany For $88M

The property involved is a 400,000-square-foot trophy office asset located at 300 Kimball Drive in Parsippany, NJ. The asset was sold for $88 million to Signature Acquisitions. The office building is part of The Center of Morris County office park and is highly esteemed in the Parsippany market.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $88,000,000.00
• Address: 300 Kimball Dr, Parsippany-Troy Hills
• Market: Parsippany
• Seller's Rep: Kevin O’Hearn(JLL), Michael Oliver(JLL), Peter Kim(JLL), Steve Simonelli(JLL), Michael "Mike" Oliver(JLL)
• Buyer: Signature Acquisitions
• SF: 400,000

The sale transaction was facilitated by the JLL Capital Markets team, with Senior Managing Directors Kevin O’Hearn, Jose Cruz, and Jeremy Neuer, along with analyst Peter Kim leading the deal. The deal showcased a flight-to-quality trend in the office sector according to O’Hearn. The building itself, 300 Kimball, is 87% leased to various tenants and boasts amenities like a fitness center, cafeteria, conference center, and outdoor patio.