Sale of Class A office building in Parsippany, New Jersey closed by HFF
FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Halsey Corporate Center, a 100,000-square-foot, Class A office building located at 90 East Halsey Road in Parsippany, New Jersey.
HFF marketed the property on behalf of the seller, Stockbridge Capital Group, LLC and procured the buyer, Boxer F3 LLC, with Boxer Investment Management as its manager.
Halsey Corporate Center features a three-story, glass-enclosed atrium lobby and a full-service cafeteria. The building is leased to eight companies, including Chemtrade. The property is less than one mile south of Interstate 80 with immediate access off of Interstate 287.
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, associate directors Michael Oliver and Stephen Simonelli and supported by senior managing director Andrew Scandalios.
“Investors continue to search for office assets where they can add a significant amount of value through lease-up and expense management,” Cruz said. “90 East Halsey provides flexible floor plates and very good highway access, which is why we had multiple bids for the asset.”
"I am excited for Boxer to continue to grow its presence in the New Jersey market with such a high quality building,” director of acquisitions for Boxer Property Brad Nichol said. “The building presents a stable platform and a great opportunity for Boxer to increase value through our attentive management and leasing teams with a variety of available office suites from 1,000 to 36,000 square feet.”
About Stockbridge Capital Group, LLC
Stockbridge Capital Group, LLC (Stockbridge) is a real estate investment management firm which, together with its affiliates, has approximately $9.8 billion in real estate and real estate-related assets under management as of March 31, 2015. Stockbridge’s investment portfolio comprises more than 30 million square feet of existing office, industrial, retail, hospitality and residential properties throughout the United States. In addition to real estate ownership, Stockbridge also specializes in large-scale development and redevelopment projects. Stockbridge is headquartered in San Francisco with offices in Chicago, New York, Atlanta and Los Angeles. For more information, please visit www.stockbridgerealestate.com.
About Boxer Retail
Boxer Property is celebrating 23 years as an innovative commercial real estate investment and management. Boxer specializes in maximizing the value of under-performing properties through aggressive leasing and hands-on management. Founded in 1992, Boxer Property is a private firm based in Houston with more than 18 million square feet of commercial real estate nationwide. For more information, visit BoxerProperty.com.
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.