JLL Capital Markets announced today that it has completed the $88 million sale of 300 Kimball, an approximately 430,000 square foot trophy office building in Parsippany, New Jersey.
JLL represented the owner, Sovereign Partners, LLC, in the sale of the property to Signature Acquisitions. JLL also managed the pre-sale of State Farm to Sovereign Partners in 2019, in addition to selling the adjacent building (100 Kimball) to Signature Acquisitions in 2019.
Completed in 2001 and newly renovated in 2013, 300 Kimball is a five-story office building that is 87% leased to a variety of tenants, including stalwarts FM Global, Langan Engineering, embecta and Western World Insurance/AIG. The building is LEED Silver certified, recipient of the BOMA Building of the Year award, and offers tenants an exceptional variety of features and amenities such as an impressive granite facade, spectacular atrium lobbies, a state-of-the-art fitness center with locker rooms and golf simulator, full-service cafeteria with ample seating, tenant lounge/game room with after-hours take-out food service, modern conference center, outdoor patio with practice green, Electric car charging stations, walking path and ample covered parking including a separate gated executive section.
300 Kimball Drive is located on 9.29 acres near the intersection of Interstates 80 and 287, in an 850,000 square foot four-building office park called The Center of Morris County. The property enjoys high visibility along I-80 and is widely regarded as one of the 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 are delighted to have assisted two highly valued long-term clients of the firm in a single transaction, Sovereign Partners with the successful execution of their value-added business strategy for the asset, and Signature Acquisitions with the strategic purchase of their second building in the office park. Additionally, this transaction reflects the flight-to-quality trend we see in office space – typically the best assets in each submarket continue to perform well, and Parsippany is no different.
JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s in-depth knowledge of the local market and global investors provides best-in-class solutions to its clients, whether it is investment sales advice, debt placement, equity placement or of a recapitalization. The firm has more than 3,700 capital markets specialists worldwide with offices in nearly 50 countries.
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