HFF Secures $33.8M Financing for 200 Kimball Drive in Parsippany, NJ

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it secured $33.8 million in financing for 200 Kimball Drive (above centered photo) a Class A office building in Parsippany, New Jersey.

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.

HFF also represented the seller in the $52 million sale of 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 property is situated within The Center of Morris County office park, close to the Interstates 80 and 287 interchange in Parsippany, approximately 24 miles northwest of Manhattan.

“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.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.

CONTACTS:

Jon Mikula, HFF Senior Managing Director, 973 549 2000, jmikula@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com