Transwestern Named Exclusive Leasing and Property Management Firm for 300 Kimball Drive in Parsippa
Transwestern today announced its New Jersey office has been retained as the exclusive leasing and property management partner for 300 Kimball Drive, a headquarters-quality, Class “A” office building strategically located in the Parsippany submarket within Morris County, N.J. Transwestern Investment Management, which serves as the project’s asset manager on behalf of ownership, selected Transwestern to handle the leasing and management of this 400,000 square foot building, which is uniquely positioned to accommodate the immediate space requirements of a wide range of tenants, including those with large block needs.
The assignment is Transwestern’s first in the state following the company’s recent announcement that it is continuing its expansion in key markets throughout the Northeast with the establishment of a corporate office in New Jersey. Transwestern Principal James Postell will be leading the assignment, along with Managing Director Matthew S. McDonough.
“The availability of a modern, headquarters-quality office building in the Parsippany market presents a highly unique flight-to-quality opportunity for high-caliber tenants with near-term space requirements,” said Postell. “In Parsippany in particular, where the average age of an existing office building is 24 years old, 300 Kimball is among the region’s most modern Class A office environments, affording numerous location advantages, as well as on-site amenities and large, highly flexible floor plates that are able to accommodate a broad variety of tenant needs.”
Situated near the intersection of I-80 and I-287 in Parsippany, which boasts one of the nation’s largest concentrations of Fortune 500 companies, the five-story building provides a highly accessible location within a campus setting that is home to such high-quality companies as Novartis, Deloitte and Day Pitney LLP.
The building, which was originally constructed in 2001, features numerous on-site amenities, including a large cafeteria, separate storage for tenants, and ample parking, including executive covered parking. Spacious floor plates allow for flexible build-out options. The site provides direct access to Interstates 80, 280 and 287; US Routes 46 and 202 and NJ Routes 10 and 53. There is an abundance of amenities in the local area including hotels, shopping and restaurants.
In 2011, 300 Kimball Drive received an ENERGY STAR® rating of 93, a 24 percent higher rating than what ENERGY STAR considers “top performance” and 12 percent higher than the average ENERGY STAR rating within Transwestern’s national management portfolio.
Additionally, the ownership is embarking upon a repositioning program to enhance the building’s appeal for today’s modern corporations. Plans include a re-design of the lobby for multi-tenant use, and the addition of an on-site gym.
“Leveraging Transwestern’s regional and national network, we are confident that we will be able to identify a number of suitable, high-quality tenants for this exceptional office asset,” stated Postell. “This building presents an unparalleled opportunity, and we anticipate strong interest from the corporate community.”
About Transwestern Investment Management
Transwestern Investment Management (“TIM”) is a privately-held, operationally independent investment advisory firm with the experience and capabilities to customize investment strategies to address changing risks and opportunities in the U.S. real estate markets. The firm is a subsidiary of Transwestern Investment Group, the real estate investment firm serving a broad range of clients through a diversified array of vehicles including separate accounts, joint ventures and programmatic funds. The firm’s operating structure is designed to increase accountability, risk management and investment and asset management decision-making directly impacting the client’s investment objectives.
Transwestern is a privately-held operating company specializing in commercial real estate services, investment and development. The firm’s fully integrated approach delivers value to owners, investors and users of commercial real estate through innovation, penetrating market intelligence and legendary service delivered by teams of local experts. Transwestern has product specialties in office, industrial, retail, multifamily and healthcare and is an industry leader in sustainability solutions and in market research through its affiliate, Delta Associates.
Please visit www.transwestern.net or follow us on Twitter at @Transwestern.
# # #