JLL Capital Markets announced the successful sale of 14 Sylvan Way, a 203,506-square-foot, trophy office property located in Parsippany. JLL represented the institutional seller and procured the buyer, Signature Acquisitions.
Delivered in 2013, 14 Sylvan Way is a three-story, LEED Gold certified office building known for its high-end features, including a two-story atrium lobby and a range of market-leading amenities such as a cafeteria/bistro, oversized courtyard, tenant lounge, game room, and conference facilities. The asset is fully leased to Travel + Leisure Co. through August 2029.
The property is situated within the Arbors @ Parsippany campus, a 2.1-million-square-foot environment currently undergoing a transformation from a pure office setting to a vibrant mixed-use campus. Its location offers easy access to major thoroughfares, including Routes 80, 287, 10, 202, and 46, serving commuters across Morris County and greater Northern New Jersey.
The JLL Capital Markets Investment Sales and Advisory team leading the sale was led by Senior Managing Directors Jose Cruz and Jeremy Neuer, and Associate Michael Kavaler, with support from Executive Managing Director Tim Greiner of JLL’s leasing practice.
“14 Sylvan Way generated a good amount of investor interest given its location in a highly amenitized, mixed-use environment, as well as the fully leased nature of the asset,” Cruz said. “We have definitely seen a shift in investor interest in the office market with many investors capitalizing on the early mover advantage, particularly as top tier space continues to lease up and, in most markets, no new product is slated for many years to come.”
