Tuesday, April 29, 2014

$96.6 million sale of Class A trophy office in northern New Jersey closed by HFF


Jose Cruz

FLORHAM PARK, NJ – HFF announced today that it has closed the sale of 22 Sylvan Way, a 249,409-square-foot, Class A trophy office building in Parsippany, New Jersey.

               HFF represented the seller, Mack-Cali Realty Corp. in the transaction.  The buyer, Griffin Capital purchased 22 Sylvan Way for approximately $96.6 million.  

In addition to the sales price, Griffin is assuming responsibility for additional leasing commission and tenant improvement allowance obligations. 

               22 Sylvan Way was completed in 2009 as a build-to-suit for the corporate headquarters of Wyndham Worldwide Operations, a subsidiary of Wyndham Worldwide Corporation, which leases the entire facility. 

The three-story property is the only building in New Jersey to have LEED designations in both Commercial Interiors (2010) and Existing Building – Operations and Maintenance (2013). 

Andrew Scandalios
The common areas of 22 Sylvan were designed to match those of a five-star Wyndham resort and tenants have access to amenities including a full service cafeteria, state-of-the-art fitness center with Yoga/Pilates room, coffee station, training center, credit union, gift shop, wellness center and a resort-style courtyard.

  22 Sylvan Way is situated on a 23.2-acre site within the Mack-Cali Business Campus close to the intersection of Interstate 287 and Route 10 in northern New Jersey.

               The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn, Jeffrey Julien and Coler Yoakam, and senior analyst Marc Duval.

               “The buyer performed very well, finishing the transaction quickly,” said Cruz.  “The property is of the highest quality and is very well located.  The demand for the property was very high with multiple groups bidding in multiple rounds.”

Kevin O'Hearn
Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. 

Mack-Cali owns or has interests in 279 properties, consisting of 266 office and office/flex properties totaling approximately 30.8 million square feet and 13 multi-family rental properties containing approximately 3,900 residential units, all located in the Northeast. 

The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of commercial and residential tenants.

Griffin Capital Corporation ("Griffin Capital") is a privately-held, Los Angeles-headquartered investment and management company with an 18-year track record sponsoring real estate Investment vehicles and managing institutional capital. 

Jeffrey Julien
  Led by senior executives, each with more than two decades of real estate experience who have collectively closed transactions representing over $16 billion in value, Griffin Capital and affiliates have acquired or constructed over 28 million square feet of space since 1995, and currently own, manage, sponsor and/or co-sponsor an institutional-quality portfolio of more than 26.08 million square feet located in 32 states, representing approximately $4.7 billion in asset value.



For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com


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