PAG Investments Acquires Mack-Cali Office Property in Parsippany
PARSIPPANY, NJ—New York City-based PAG Investments has added to its New Jersey office portfolio with the purchase of the 330,00-square-foot 5 Wood Hollow Road here from Mack-Cali Realty Corp. of Jersey City.
The deal was reported by commercial brokerage firm Cushman & Wakefield. The 5 Wood Hollow Road property was designed by architect Charles Gwathmey of Gwathmey Siegel & Associates Architects. Until recently, the three-story building’s top floor—totaling approximately 117,000 square feet—was occupied by AIG.
No financial terms of the transaction were disclosed.
The top floor space currently is laid out for a full floor user and is equipped with office furniture and infrastructure to support a large tenant requirement. It is the only contiguous, single-floor availability of its size within the market. PAG plans to make significant upgrades to all building commons area to benefit existing and future tenants, C&W reports.
Cushman & Wakefield investment sales specialists Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Frank DiTommaso represented the seller and procured the buyer for the 23-acre property, supported by leasing brokers William O’Keefe and Kelsey Nakamura.
C&W’s Gabriel notes that the buyer selection process was extremely competitive and involved multiple rounds of bidding.
“5 Wood Hollow Road is a prominent and recognizable address and Mack-Cali has done an excellent job in maintaining the building to a higher standard than the majority of buildings within the immediate market,” C&W’s DiTommaso adds. “PAG Investments saw value in both the quality of the building and the in-place tenancy and will continue to benefit from existing cash flow while further repositioning the property.”
Earlier this month, Mack-Cali unloaded another of its New Jersey office properties—3600 Route 66 in Neptune, NJ—to a joint venture of Aspen Real Estate of Freehold, NJ and Devli Real Estate of New York City for $26 million.
Back in August, a partnership of New York City-based PAG Investments and CIG Properties of East Orange, NJ have acquired the two-building complex of 180-1888 Mount Airy Road in Basking Ridge, NJ.