Wednesday, July 1, 2015

HFF closes $81.4 million sale of Parsippany, NJ Class A office building


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.

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

No comments:

Post a Comment