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| 14 Sylvan Way, Parsippany, NJ |
FLORHAM PARK,
NJ -- Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of 14 Sylvan Way, a 203,506-square-foot,
Class A trophy office building in Parsippany, New Jersey.
HFF
represented the seller, Mack-Cali Realty Corporation, in the transaction.
 |
| Jose Cruz |
The buyer,
Griffin Capital Essential Asset REIT II, Inc. (“GCEAR II”), a non-traded REIT
sponsored by Griffin Capital Corporation (“Griffin Capital”) purchased 14
Sylvan Way for $81.4 million.
In addition to the sales price, GCEAR II is
assuming responsibility for additional tenant improvement allowance
obligations.
14 Sylvan
Way was completed in 2013 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 has received LEED ® Gold designation in Commercial
Interiors.
The common areas were
designed to match those of a five-star Wyndham resort and tenants have access
to amenities including a cafe, training center, employee lounge and a
resort-style courtyard.
14 Sylvan
Way is situated on a 23.15-acre site within the Mack-Cali Business Campus
adjacent to 22 Sylvan Way, which is the second half of the tenant’s
headquarters campus purchased by another non-traded REIT sponsored by Griffin
Capital in 2014. This location provides
easy access to Interstate 287 and Route 10 in northern New Jersey.
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| Kevin O'Hearn |
The HFF
investment sales team representing the seller was led by senior managing director
Jose Cruz, managing director Kevin O’Hearn, senior analyst Marc Duval and supported by senior
managing director Andrew Scandalios
and associate director Stephen
Simonelli.
“The
property is an absolute Class A and was highly sought after in a competitive
process. With GCEAR II buying the
building, Griffin Capital-sponsored REITs now own two of the best buildings in
Parsippany - 22 and 14 Sylvan,” stated Cruz.
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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