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New York & Tri-State  + New Jersey  + Office  | 

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.

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Inside The Story

Colliers' Chesler

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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