JLL completes sale of 4 Sylvan Way in Parsippany, New Jersey
Class A office building long-term leased to a single tenant
MORRISTOWN, N.J., November 14, 2019 – JLL announced today that it has closed the sale of 4 Sylvan Way, a 105,000-square-foot, Class A office building in Parsippany, New Jersey.
JLL marketed the property on behalf of the seller, Torchlight Investors, and procured the buyer, a private regional investor.
4 Sylvan Way is located within the prestigious 2.4-million-square-foot Mack-Cali Business Campus, which is expanding to include desirable retailers such as Wegmans, 24-Hour Fitness, Panera, Capital Grille and Seasons 52. Additionally, the area is the location of choice for many corporations, including Zoetis, Wyndham Worldwide, GAF, Tiffany and Avis, among others. 4 Sylvan Way has tremendous accessibility located just minutes from Interstates 287 and 80, which provide access to Northern New Jersey, Eastern Pennsylvania and New York State. The three-story property was recently renovated and offers a modern work environment with communal spaces, exposed high ceilings and numerous training and conference rooms. 4 Sylvan Way is fully leased to a mobile telecommunications company as their Northeast Regional Headquarters and includes a network operations center.
The JLL Capital Markets team representing the seller included Senior Managing Directors Jose Cruz and Kevin O’Hearn, Senior Directors Michael Oliver and Stephen Simonelli and Senior Associate Grace Braverman.
“This sale reflects the continued strong demand for high quality, suburban office properties in Northern New Jersey,” stated O’Hearn. “Parsippany in particular, as well as the surrounding markets, has seen exceptional sale activity as investors seek higher yields than are available in other asset classes such as industrial or multi-family.”
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Torchlight Investors, LLC
Founded in 1995, Torchlight Investors, LLC provides investment management services to institutional clients seeking exposure to commercial real estate-related debt markets. Torchlight has been organized as an independent SEC registered investment advisor, applying thorough fundamental real estate analysis to the investments that it makes on behalf of its clients. Since its inception, Torchlight has acquired over $20 billion in commercial real estate debt investments - successfully managed portfolios through market cycles and has grown to a firm with $4.5 billion of assets under management. Through its growth, the founding principals have focused on maximizing the firm’s core strengths in research, underwriting and surveillance. Since its inception, Torchlight has launched nine investment funds and managed multiple accounts for institutional clients. For more information, visit torchlightinvestors.com.