Parsippany Office Building Sells For $6.4M, New Company Moving In

PARSIPPANY, NJ — Another Parsippany office building has changed hands. A three-floor property at 28 Eastmans Rd. sold for $6.4 million, according to Newmark Associates, which managed the sale.

Millennium Systems International — the previous owner — occupied the entire building. Technology company Micrologic Associates purchased the property and will become its new tenant.

Micrologic Associates — currently located in Ledgewood — specializes in car wash management systems, according to its website.

The building sits on 4.82 acres of land and features 47,500 square feet of office space. The property also has 9,000 square feet of lower-level storage space accessible by freight elevator, along with 150 parking spaces.

Unique to this transaction was the buyer’s immediate need and urgency to finalize the sale in 2021, according to Newmark Associates. Executive Vice President Nancy Stanton-Tuckman, who managed the sale, received multiple offers within about two months of bringing the property to market, the company said.

“Both seller and purchaser are in very similar businesses, the sale of management software systems," Stanton-Tuckman said. "Millennium, the majority of whose 250 employees had elected to work remotely, resulted in the determination to sell the building. Micrologic, car wash and quick lube management system experts, needed to expand their marketing department and required additional office space. It really was a win-win situation.”

Office space represents a major sector of the Parsippany economy. The township has more than 12.3 million square feet of office space, making it the third-largest regional market sector in North Jersey behind only the Hudson Waterfront (21.2 million square feet) and Newark (14.4 million square feet), according to Daily Record.

Parsippany has seen some major transactions and changes in commercial real estate in recent years, including the following:

• The Wegmans Retail Center sold for $46 million in July. Wegmans Food Markets anchors the property, which owners also lease to Panera Bread. The sale included nearby restaurants Capital Grille and Seasons 52.
• Mack-Cali — a major player in Parsippany real estate — rebranded last month to Veris. The name change reflects the company's years-long vision to sell its office properties and shift into the residential market. As Mack-Cali, the Jersey City-based company made plans in 2019 to sell its entire suburban-office portfolio, including 2.4 million square feet of office space in Parsippany and Madison. A joint venture led by Onyx Equities purchased the property in a $288.5 million deal.
• Developers broke ground last month on PARQ Parsippany. The property will encompass 75 townhomes, hundreds of multi-family residences, retail, green spaces and amenities, which developers hope will revitalize the area once home to office park Lanidex Plaza. Developers expect to complete the 23-acre transformation in 2025.

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