Office property in Parsippany, NJ sells for $88m

Sovereign Partners has sold 300 Kimball, an approximately 430,000-square-foot trophy office property in Parsippany, N.J., for $88 million.

The new owner is Signature Acquisitions.

JLL Capital Markets represented the owner and also handled the prior sale from State Farm to Sovereign Partners in 2019, in addition to having sold Signature Acquisitions the adjacent building (100 Kimball) in 2019.

Completed in 2001 and most recently renovated in 2013, 300 Kimball is a five-story office property that is 87 percent leased to a variety of tenants, including anchors FM Global, Langan Engineering, embecta and Western World Insurance/AIG. The building is LEED Silver–certified and a recipient of the BOMA Building of the Year award. It offers tenants an outstanding variety of features and amenities such as an impressive granite façade, dramatic atrium lobbies, state-of-the-art fitness center with locker rooms and golf simulator, full-service cafeteria with expansive seati