300 Kimball in Parsippany changes hands for $88M
JLL Capital Markets led the sales efforts for the trophy office property in Morris County
MORRISTOWN, N.J. – Dec. 27, 2022 – JLL Capital Markets announced today that it has completed the $88 million sale of 300 Kimball, an approximate 430,000-square-foot, trophy office property in Parsippany, New Jersey.
JLL represented the owner, Sovereign Partners, LLC, in the sale of the property to Signature Acquisitions. JLL also handled the prior sale from State Farm to Sovereign Partners in 2019, in addition to having sold Signature Acquisitions the adjacent building (100 Kimball) in 2019.
Completed in 2001 and renovated in 2020 and 2013, 300 Kimball is a five-story office property that is 87% leased to a variety of tenants, including anchors FM Global, Langan Engineering, embecta and Western World Insurance/AIG. The building is LEED Silver-certified, a recipient of the BOMA Building of the Year award and offers tenants an outstanding variety of features and amenities such as an impressive granite façade, dramatic atrium lobbies, state-of-the-art fitness center with locker rooms and golf simulator, full-service cafeteria with expansive seating, tenant lounge/game room with after-hours grab and go food service, modern conference center, outdoor patio with putting green, electric car charging stations, walking trail and ample covered parking including a separate gated executive section.
300 Kimball Drive is situated on 9.29 acres near the intersection of Interstates 80 and 287, within a four-building, 850,000-square-foot office park called The Center of Morris County. The property benefits from strong visibility along I-80 and is widely considered one of the absolute best office assets in the Parsippany submarket.
The JLL Capital Markets team representing the seller was led by Senior Managing Directors Kevin O’Hearn, Jose Cruz and Jeremy Neuer and Analyst Peter Kim.
According to O’Hearn, “We’re thrilled to have assisted two long term, highly valued clients of the firm in a single transaction, Sovereign Partners with the successful execution of their value-add business strategy for the asset, and Signature Acquisitions with the strategic purchase of their second building in the office park. Additionally, this transaction is reflective of the flight-to-quality trend that we’re seeing in office space – generally the top assets in each submarket continue to perform well, and Parsippany is no different.”
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 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.
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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 $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Sovereign Partners
Sovereign Partners is a real estate investment firm that specializes in the acquisition and management of high-quality office assets and opportunistic debt throughout the United States. Sovereign’s real estate team draws on a deep knowledge of real estate fundamentals and capital markets to acquire properties and loans throughout the country, and is currently highly focused on acquiring Class-A office properties in both urban and suburban markets.
About Signature Acquisitions
Since 2015, Signature Acquisitions has acquired more than $700 million of assets and approximately five million square feet throughout the Northeast. In recent years, the firm shed many of its non-strategic assets and concentrated the majority of its acquisitions on Class-A office buildings, primarily in Suburban New Jersey, and Long Island New York.