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Parsippany Office Sale Hits Five-Year High in Price Per Square Foot
Colliers has facilitated the sale of a boutique office building at 150 Smith Rd. in Parsippany, NJ. The 19,298-square-foot building was sold for $4.4 million to a private New Jersey-based investor.
A Colliers team of vice chair Jacklene Chesler and directors Patrick Norris and Joe Lane completed the sale through Ten-X on behalf of the seller. The deal generated the highest price per square foot —$228—of any Parsippany office property in the past five years.
“The interest we received in this asset is proof of the ongoing strength and investor interest for the New Jersey suburban office market.,” said Chesler. “Although this single-tenant building isn’t a triple-net lease, we received a high volume of bidders during the marketing process.”
The two-story building was originally constructed in 1986 and has served as the corporate headquarters for a leading janitorial, maintenance, security and concierge service company since 2005.
- ◦Sale/Acquisition
