Parsippany Offices Listed as Value-Add Opportunity

Colliers is marketing the sale of 2 Gatehall Dr., a 389,000-square-foot office property in Parsippany, NJ. A Colliers team led by vice chair Jacklene Chesler, VP Patrick Norris, associate Jake Moss and director Philippe Jomphe is marketing the property, which is listed on Ten-X for auction from October 7 through October 9.

Originally designed to support big data and technology operations, the property is equipped with enhanced floor loads to accommodate high-tech equipment. It’s located within a master-planned 58-acre corporate campus and has undergone nearly $6 million in capital investments.

“The property offers a unique opportunity for investors seeking both stability and growth,” said Chesler. “The property, currently 30% leased to credit tenants, offers positive cash flow from its in-place leases. This provides a value-add opportunity to significantly increase net operating income through the lease-up of the remaining vacant space, making this an attractive asset in today’s current market.”