1 Gatehall Drive, Parsippany, NJ
PARSIPPANY, NJ—Lincoln Property Company has acquired 1 Gatehall Drive, a 114,000-square-foot, four-story, class A office building in Parsippany, NJ, from a joint venture of San Mateo, CA-based Glenborough and TIAA-CREF.
Holliday Fenoglio Fowler represented the seller in the transaction. The seller was identified from information provided by Real Capital Analytics, a proprietary research database.
1 Gatehall Drive is situated along Route 202, near Route 10 and Interstates 287 and 80. Renovated in 2004, the Energy Star-rated building features a two-story lobby atrium with skylight, well-appointed common areas, shared conference room, dining area and a fitness center. 1 Gatehall Drive also shares a fountain courtyard with an adjacent office building and is next door to a Marriott Residence Inn. Tenants at the 63-percent-leased property include software, consulting, communications, staffing and foodservice tenants.
The HFF investment sales team representing the seller was led by senior managing director José Cruz, managing director Kevin O’Hearn and directors Stephen Simonelli and Michael Oliver.
“This sale further exemplifies the demand for well-located value-add office buildings in Northern New Jersey where the buyer can continue to improve the property,” Cruz says.