JLL Capital Markets closes sale of 100 Philips Parkway in Montvale, New Jersey
The 79,007 SF building is a prime office and life sciences value-add opportunity
MORRISTOWN, NJ, Jan. 20, 2022 – JLL Capital Markets announced today that it has closed the sale of 100 Phillips Parkway, a 79,007-square-foot office and R&D facility in Montvale, New Jersey.
JLL marketed the property on behalf of the seller and procured the private buyer.
100 Philips Parkway is positioned on 11.2 acres along the Garden State Parkway in highly desirable Bergen County. This location is just minutes to Rockland and Westchester counties in New York and is convenient to New York City. In addition, the property is within walking distance of The Shoppes at DePiero Farm, anchored by Wegmans, and a new mixed-use redevelopment of the former Mercedes Benz headquarters. Several hotels and Lifetime Fitness are also within walking distance.
Renovated in 2001, 100 Philips Parkway is a single-story facility with a partial mezzanine level that is perfectly suited for commercial research and development. The property is currently utilized as a multi-tenant research facility and is 37% leased.
The JLL Capital Markets team representing the seller was led by Kevin O'Hearn, Jose Cruz, John Cahill, John Cunningham, Michael Oliver, Steve Simonelli, and Nick Stefans
“The property’s prime location helped garner interest from numerous investors including several with varying highest and best uses. We have no doubt that the new owner will do very well with it,” stated O’Hearn.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.