The Hampshire Companies has sold 8 Sylvan Way, in Parsippany, NJ for $53 million.
Jeffrey Dunne, Kevin Welsh, Steve Bardsley and Brian Schulz of CBRE’s New York Institutional Group collaborated with Sam Buckley of CBRE’s Saddle Brook Office to represent Hampshire in the sale of 8 on behalf of its HPFVI fund.
The team was also responsible for procuring the buyer, Cole Real Estate Investments, who was represented in house by Robert Corry.
A trophy quality office asset, the 176,062 s/f 8 Sylvan Way is a located within the Mack-Cali Business Campus, which serves as the global corporate headquarters of The Medicines Company, a global provider of acute and intensive care hospital medicine.
The property’s location in Morris County is home to the largest concentration of corporate headquarters in New Jersey and is often referred to as the “Nation’s Medicine Chest” due to its large concentration of pharmaceutical companies.
The Hampshire Companies redeveloped the property in 2009, highlighted by a new design by the architectural firm HLW, and repositioned the property as one of Morris County’s leading trophy quality office buildings.
Welsh commented: “Cole Real Estate Investment’s acquisition of 8 Sylvan Way fits perfectly with its investment strategy of acquiring the highest quality properties with long-term net leases to credit worthy tenants.”
Added Dunne: “This transaction further represented the successful execution of Hampshire’s repositioning of 8 Sylvan Way, which maximized the value for its investors.”
The New York Institutional Group has a number of investment opportunities currently on the market including Sunrise Business Center, a 389,490 s/f office building in Great River, NY; and Walmart Plaza, a 199,393 s/f shopping center in Derby, CT.