CBRE Group Inc. Completes Sale of 1 Campus Drive in Parsippany
- Office transaction marks one of the largest in the state this year -
SADDLE BROOK, N.J. (December 10, 2013) –CBRE Group, Inc., New Jersey’s largest commercial real estate brokerage firm, announced that it has completed the sale of One Campus Drive, a 377,000 sq. ft., Class-A office building in Parsippany for an undisclosed price. The sale marks one of the largest office building transactions in the State this year.
CBRE New Jersey’s Jeffrey Babikian, executive vice president, and Brian Godau, vice president, represented GAF, who will be relocating from their current headquarters in Wayne. GAF, North America’s largest roofing manufacturer, will be consolidating its operations from multiple individual buildings on a 99-acre campus to one stand-alone headquarters in Parsippany. GAF’s approximately 600 employees working at the company’s current headquarters in Wayne are expected to transfer to the new location.
“GAF was looking to consolidate to a more efficient and vibrant environment which promotes an improved workplace for its current and future workforce,” said Mr. Babikian. “One Campus Drive offers GAF that and more, including easy accessibility and prominent visibility in the heart of the Parsippany office market in a headquarters campus environment.”
One Campus Drive is the cornerstone of a 600-acre business campus located at Routes 10, 202 and I-287. The facility offers three separate wings that open onto a three-story atrium, which is highlighted by its domed skylight.
“Our offices in Wayne, as well as this community, have been terrific for us for many years, and leaving here will be difficult,” said Bob Tafaro, GAF president and CEO. “However, we are excited to begin the next chapter of GAF in our new state-of-the art headquarters in Parsippany, which will allow us to better service our customers and to continue expanding our business.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.