Office Complex In Parsippany Sells For $10.5 Million

PARSIPPANY, NJ — The Troy Office Complex on Route 46 just sold for $10.5 million. The 10.55-acre property features four buildings, near the heavily trafficked corridor by Route 80.

The four low-rise buildings total 126,000 square feet, according to Kislak Realty, who facilitated the sale. Occupancy currently stands at 79 percent, and most of the leases have automatic renewal clauses.

“This was an extremely complex property to sell and finance given the current state of the office market," said Vice President Tom Scatuorchio. "The transaction began in the early months of the Covid-19 crisis in May 2020 and took a tremendous amount of effort from all parties involved to close nearly a year later.”

Kislak Realty identified the buy as Shree Parsippany Developers, LLC.

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