 |
| 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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