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TRANSWESTERN INVESTMENT GROUP SELLS 400,000 SF OFFICE BUILDING IN PARSIPPANY, NEW JERSEY
Sale Follows Extensive Capital Improvements and Repositioning Program
(MARCH 14, 2019 – PARSIPPANY, N.J.) – Transwestern Investment Group (TIG®) today announces it has sold a 400,127-square-foot, Class A office building at 300 Kimball Drive in Parsippany, New Jersey, on behalf of a large national insurance company. The sale follows an expansive capital improvement program which transformed the asset from a single-tenant property into a state-of-the-art, multitenant facility.
Fully occupied by the seller until 2013 when renovations began, property improvements included redesigns of the building’s 4,900-square-foot lobby, 8,600-square-foot bistro, and 3,000-square-foot fitness center. Additionally, numerous sustainable improvements were implemented to strengthen the building’s performance. As a result of these efforts, the building received LEED® Silver certification, has earned an ENERGY STAR® certification four times, and won the Grand TOBY award from the Building Owners and Managers Association in 2017, the association’s highest honor.
Built in 2001, Transwestern Commercial Services (TCS) has provided leasing and property management services for 300 Kimball Drive since 2012 and oversaw the renovations. The office leasing team of TCS Partner and New Jersey Market Leader James Postell and Managing Director Matthew McDonough achieved outstanding leasing momentum at the property over the next few years. Now the property is 78 percent leased to notable tenants, including FM Global, Fiserv, Langan Engineering and Western World Insurance.
The Holliday Fenoglio Fowler, L.P. (HFF) team representing the seller included Senior Managing Directors Kevin O’Hearn and Jose Cruz and Senior Directors Stephen Simonelli and Michael Oliver. HFF also procured the private buyer.
ABOUT TRANSWESTERN INVESTMENT GROUP
Transwestern Investment Group (TIG®) is an investment adviser serving a broad range of clients through a diversified array of discretionary and non-discretionary investment vehicles. With $4.3 billion of assets under management as of year-end 2018, our client-focused, relationship-driven approach is built upon trust, integrity and transparency. TIG provides tactical investment management with an integrated operating platform through the Transwestern enterprise, which includes a diversified real estate services firm with 34 U.S. offices and a prominent commercial development company. For more information, visit transwesterninvest.com.
This document does not constitute an offer, solicitation or recommendation to sell or an offer to buy any securities, investment products or investment advisory services. Any offer or solicitation will be made only pursuant to a confidential private placement memorandum and subscription documents (the “Offering Materials”) and will be subject to the terms and conditions contained in such Offering Materials.
The clients included in this press release were not selected based on performance, but because they are some of the largest well-known clients with similar strategic alliances. It is not known whether these clients approve or disapprove of TIG or the services or products it provides.