Following a competitive bidding process, an affiliate of Lakewood Equities purchased the 115,000-square-foot, four-story office building from a joint venture partnership involving Lincoln Property Company and Development Ventures Group. Representing the seller, Cushman & Wakefield conducted tours with over 15 potential buyer groups and received multiple offers for 1 Gatehall Drive.
“The Lincoln Property Company and Deven Group partnership did an outstanding job bringing out the potential of this boutique asset. In particular, their execution of physical upgrades and amenity enhancements allowed their leasing program to generate over a dozen new leases and renewals during the past 18 months,” noted Gary Gabriel, who headed the assignment with David Bernhaut, Andy Merin, Frank DiTommaso and Andy Schwartz. Cushman & Wakefield office leasing specialists William O’Keefe and Kelsey Nakamura also supported the transaction.
1 Gatehall Drive was delivered 86% leased to more than 20 tenants with an average size of 3,400 square feet. The property’s flexible layout caters specifically to a small and mid-size tenant base.
“Historically, over 30% of all leasing activity within the Parsippany submarket has consisted of transactions less than 10,000 square feet, and last year, 80% of activity within the larger Morris County market was made up of deals in that size range,” DiTommaso said. “Lakewood Equities recognized the property’s competitive positioning within the market and will continue to benefit from increased occupancy and newly executed leases.”
Based in East Rutherford, Cushman & Wakefield’s New Jersey capital markets team specializes exclusively in office, industrial, multifamily, land and retail property trades throughout New Jersey, New York, and Fairfield County, Conn. The group has completed $32 billion worth of transactions since 2000, closing over $3.3 billion in sales in 2018.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.