300 Kimball Drive in Parsipanny, NJ. Picture by way of JLL
Sovereign Companions LLC has bought a 400,000-square-foot trophy workplace asset for $88 million to Signature Acquisitions. The deal comes practically 4 years after the prior, $66 million acquisition of 300 Kimball, a Class A workplace constructing in Parsippany, N.J., from State Farm.
JLL, which dealt with the March 2019 sale from State Farm to Sovereign Companions, additionally accomplished this transaction. Moreover, JLL bought Signature Acquisitions the adjoining constructing, 100 Kimball, in 2019.
Situated in Cranford, N.J., Signature Acquisitions owns and manages suburban Class A workplace area. In late October, the agency introduced it had accomplished greater than 63,000 sq. toes of workplace leases, expansions and renewals at a number of workplace properties situated close to New Jersey’s Backyard State Parkway, together with Parkway Commerce Middle, the place it has its personal workplaces.
The JLL Capital Markets group representing the vendor was led by Senior Managing Administrators Kevin O’Hearn, Jose Cruz and Jeremy Neuer and analyst Peter Kim.
O’Hearn stated in a ready assertion the transaction displays the flight-to-quality pattern occurring within the workplace sector. He stated the highest property in every submarket typically proceed to carry out effectively and Parsippany, situated in Morris County, is an efficient instance of the pattern. O’Hearn additionally famous the group was happy to have assisted two long-term and extremely valued purchasers in a single transaction with Sovereign Companions, efficiently executing a value-add technique for the asset and Signature Acquisitions making a strategic buy of a second constructing in the identical workplace park.
A trophy stage asset
Accomplished in 2001, 300 Kimball went by a beauty renovation in 2013, one 12 months after being acquired by State Farm. The insurance coverage large was the only real tenant till that 12 months, when it started to part out its employees and carried out a full renovation, to permit for a number of tenants.
The five-story constructing is 87 p.c leased to a wide range of tenants, together with anchors FM World, Langan Engineering, embecta and Western World Insurance coverage/AIG. The tenant roster additionally includes AdvanSix and Transwestern. In response to CommercialEdge, not one of the leases are set to run out inside the subsequent 12 months.
The LEED Silver-certified constructing is a recipient of the BOMA Constructing of the Yr award. It has a granite façade and dramatic atrium lobbies. Facilities embrace a state-of-the-art health heart with locker rooms and a golf simulator, a full-service cafeteria with expansive seating, a convention heart, an out of doors patio, electrical automobile charging stations, a strolling path and coated parking.
300 Kimball Drive is located on 9.3 acres close to the intersection of Interstates 80 and 287, inside a four-building, 850,000-square-foot workplace park known as The Middle of Morris County. The property has sturdy visibility from Interstate 80 and is taken into account the most effective workplace property within the Parsippany submarket.
