Working exclusively on behalf of Principal Real Estate Investors (PrinREI), HFF senior managing director Jon Mikula (top right photo) and associate director Michael Klein (top left photo) placed the five-year loan with an unnamed life insurance company. The loan proceeds were used to acquire the property.
Completed in 2001, 200 Kimball Drive has 175,093 square feet of office space and is currently fully occupied by Novartis Consumer Health and the law firm, Kelley Drye & Warren.
“The Parsippany Class A office market is a supply constrained market that lacks large blocks of new Class A space,” said Mikula. “As a result, the property’s competitive set has seen ever increasing rental rates since 2004.”
PrinREI, a diversified asset management organization, is the fourth largest real estate investment firm in the United States.