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Three Parsippany office buildings sell for $15M

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One of the Century Drive buildings in Mack-Cali Realty Corp.'s Parsippany office park that it sold to a partnership of Bergman Real Estate Group and Time Equities Inc.
One of the Century Drive buildings in Mack-Cali Realty Corp.'s Parsippany office park that it sold to a partnership of Bergman Real Estate Group and Time Equities Inc. - ()

A partnership of Bergman Real Estate Group and Time Equities Inc. has paid $15 million for three buildings in Mack-Cali Realty Corp. Parsippany office park, HFF announced Thursday.

The brokerage firm, which marketed the properties for Mack-Cali, said it closed the sale of 4, 5 and 6 Century Drive. The three office buildings total about 280,000 square feet within the Mack-Cali Business Campus in the Morris County suburb.

The properties were sold free and clear of debt, HFF said in a news release.

The HFF investment sales team representing Mack-Cali was led by Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn, Directors Michael Oliver and Stephen Simonelli and Associate Director Marc Duval. The buyers were represented in-house by Michael Bergman, president, and Michael Difede, director of acquisitions, of Bergman Real Estate Group, along with Aaron Medeiros, director of acquisitions for Time Equities. 

“These assets have a significant amount of upside and we are seeing more interest from the investor community for well-located office properties that offer the opportunity to add value,” Cruz said in a prepared statement.

Sitting near the nexus of interstates 287, 80 and 280, the properties are within a 35-minute drive of New York City and in close proximity to the likes of Tiffany’s, The Medicines Co., T-Mobile, Wyndham Worldwide and GAF.  The offices were built in 1981, with features including a full-service cafeteria, excess parking and a courtyard.

“We are pleased that Mack-Cali and HFF selected us to purchase these quality buildings,” Bergman said.  “While Mack-Cali has done a nice job in maintaining these assets, we will continue to make several improvements and add new amenities to provide tenants great value for the cost. The tenants will also benefit from the ongoing enhancements Mack Cali is planning for their existing Parsippany Business Campus.” 

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