HFF closes sale of 1 Gatehall Drive in Parsippany, New Jersey
FLORHAM PARK, NJ – April 3, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of 1 Gatehall Drive, a 114,000-square-foot, four-story, Class A office building in Parsippany, New Jersey.
HFF represented the seller in the sale of the property to Lincoln Property Company.
1 Gatehall Drive is situated along Route 202, in close proximity to Route 10 and Interstates 287 and 80. Renovated in 2004, the Energy Star-rated building features a two-story lobby atrium with skylight, well-appointed common areas, shared conference room, dining area and a fitness center. 1 Gatehall Drive also shares a fountain courtyard with an adjacent office building and is next door to a Marriott Residence Inn. Tenants at the 63-percent-leased property include software, consulting, communications, staffing and foodservice tenants.
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn and directors Stephen Simonelli and Michael Oliver.
“This sale further exemplifies the demand for well-located value-add office buildings in Northern New Jersey where the buyer can continue to improve the property,” Cruz said.
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated 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.