Press Release brought to you by HFF

HFF closes $81.4 million sale of Parsippany, New Jersey Class A office building

06/30/2015

FLORHAM PARK, NJ – June 30, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of 14 Sylvan Way, a 203,506-square-foot, Class A trophy office building in Parsippany, New Jersey.

 

HFF represented the seller, Mack-Cali Realty Corporation, in the transaction.  The buyer, Griffin Capital Essential Asset REIT II, Inc. (“GCEAR II”), a non-traded REIT sponsored by Griffin Capital Corporation (“Griffin Capital”) purchased 14 Sylvan Way for $81.4 million.  In addition to the sales price, GCEAR II is assuming responsibility for additional tenant improvement allowance obligations. 

 

14 Sylvan Way was completed in 2013 as a build-to-suit for the corporate headquarters of Wyndham Worldwide Operations, a subsidiary of Wyndham Worldwide Corporation, which leases the entire facility.  The three-story property has received LEED ® Gold designation in Commercial Interiors.  The common areas were designed to match those of a five-star Wyndham resort and tenants have access to amenities including a cafe, training center, employee lounge and a resort-style courtyard.  14 Sylvan Way is situated on a 23.15-acre site within the Mack-Cali Business Campus adjacent to 22 Sylvan Way, which is the second half of the tenant’s headquarters campus purchased by another non-traded REIT sponsored by Griffin Capital in 2014.  This location provides easy access to Interstate 287 and Route 10 in northern New Jersey.

 

The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, senior analyst Marc Duval and supported by senior managing director Andrew Scandalios and associate director Stephen Simonelli.

 

“The property is an absolute Class A and was highly sought after in a competitive process.  With GCEAR II buying the building, Griffin Capital-sponsored REITs now own two of the best buildings in Parsippany - 22 and 14 Sylvan,” stated Cruz.

 

About Mack-Cali Realty Corporation

Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. Mack-Cali owns or has interests in 279 properties, consisting of 260 office and office/flex properties totaling approximately 30.5 million square feet and 19 multi-family rental properties containing approximately 5,700 residential units, all located in the Northeast. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of commercial and residential tenants.

 

About GCEAR II and Griffin Capital

GCEAR II is a publicly registered non-traded REIT. GCEAR II’s sponsor is Griffin Capital, a privately-owned real estate company headquartered in Los Angeles. Led by senior executives each with more than two decades of real estate experience collectively encompassing over $20 billion of transaction value and more than 650 transactions, Griffin Capital and its affiliates have acquired or constructed approximately 40 million square feet of space since 1995. Griffin Capital and its affiliates manage, sponsor and/or co-sponsor a portfolio consisting of approximately 25.0 million square feet of space, located in 29 states, representing approximately $4.1 billion in asset value. Additional information about Griffin Capital is available at www.griffincapital.com.


About HFF

HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF).  HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.  For more information please visit hfflp.com or follow HFF on Twitter @HFF.

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CONTACTS:
JOSE CRUZ

HFF Senior Managing Director
(973) 549-2000
jcruz@hfflp.com

KEVIN O’HEARN
HFF Managing Director
(973) 549-2000
kohearn@hfflp.com

KRISTEN MURPHY
HFF Associate Director, Marketing
(617) 338-0990
krmurphy@hfflp.com

06/30/2015 - 16:15

Source

HFF

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