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HFF closes $66M sale of 300 Kimball Drive in Parsippany, New Jersey

Morristown, NJ – WEBWIRE

Holliday Fenoglio Fowler, L.P. (HFF) announces that it has closed the $66M sale of 300 Kimball Drive, a Class A trophy office asset of approximately 400,000 square feet in Parsippany, New Jersey.

HFF marketed the property on behalf of the seller, a large national insurance company advised by Transwestern Investment Group, and procured the private buyer.

300 Kimball Drive is situated on 9.29 acres site at the intersection of Interstates 80 and 287, within a four-building, 850,000-square-foot office park called The Center of Morris County.  Originally built in 2001, the seller occupied it entirely until they started to phase out in 2013 and did a full renovation to accommodate multi-tenancy.  The five-story office building is LEED Silver certified, a recipient of BOMA Building of the Year and offers tenants an outstanding amenity package, including a fitness center with locker rooms, full-service cafeteria, conference center, atrium lobby, walking trail, outdoor patio and covered parking.  The 78-percent-leased property is home to notable tenants, including FM Global, Fiserv, Langan Engineering and Western World Insurance.

The HFF investment advisory team representing the seller included senior managing directors Kevin O’Hearn and Jose Cruz and senior directors Stephen Simonelli and Michael Oliver.

“It was great to work with a prestigious institutional seller and their advisor, Transwestern, in the successful sale of this highly visible trophy asset, which the owner transitioned from a full user to a multi-tenancy property with an impressive tenant roster,” O’Hearn said.

About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry.  HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing.  HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF).  For more information, please visit or follow HFF on Twitter @HFF.



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