Parsippany Office Building
A 130,000 SF post-COVID office conversion navigating zoning change and state approvals to unlock industrial value.
Parsippany, NJ — Aerial View
Asset Type
Office — Demolition & Rezoning
Size
130,000 SF
Region
Morris County, NJ
Acquired
September 2021
The Challenge
- Purchased post-COVID expecting the office market to rebound
- Parsippany office market sustained ~32% vacancy through 2025
- Acquired for land value; holding costs continued to erode margins
Approach
- Partnered with JLL (Jeremy Neuer) to reposition for industrial use
- Property marketed for Data Center, Warehouse, or Distribution
- Pursued Change of Zoning approval with City of Parsippany
- Engaged NJDEP for stormwater retention review and compliance
Results & Outcomes
- Currently in review with City of Parsippany and State of New Jersey
- Phased escrow approach as the project works toward close
Key Takeaways
- Conversion removes excess commercial office supply from a saturated market
- Proactive coordination with city and state creates positive outcomes for both the municipality and the seller
