New York & Tri-State + New Jersey + Office | December 22, 2022

Sovereign Partners has sold 300 Kimball, a Parsippany, NJ office property, to Signature Acquisitions for $88 million

Parsippany Offices Once Owned by State Farm Snare $88M

JLL Capital Markets has completed the $88-million sale of 300 Kimball, an approximately 430,000-square-foot, trophy office property in Parsippany, NJ. 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, and sold Signature Acquisitions the adjacent 100 Kimball in 2019.

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.

“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,” said O’Hearn. “Additionally, this transaction is reflective of the flight-to-quality trend that we’re seeing in office space.”

Connect

Inside The Story

JLL's O'Hearn

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).