S hopping C enters N ew J ersey /P ennsylvania
M id A tlantic Real Estate Journal — New Jersey/Pennsylvania — Section B
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Signature Acquisitions purchases 300 Kimball in Parsippany for $88 Million JLL Capital Markets reps. Sovereign Partners in sale of trophy office property in Morris County
ARSIPPANY, NJ — JLL Capital Markets has completed the $88 million sale of 300 Kimball, an 430,000 s/f, trophy office property in Parsippany. JLL represented the owner, Sovereign Partners, LLC , in the sale of the property to Signature Acquisitions . JLL also handled the prior sale from State Farm to Sovereign Partners in 2019, in addition to having sold Signature Acqui- sitions the adjacent building (100 Kimball) in 2019. Completed in 2001 and most P
dramatic atrium lobbies, state- of-the-art fitness center with locker rooms and golf simula- tor, full-service cafeteria with expansive seating, tenant lounge/game room with after- hours grab and go food service, modern conference center, out- door patio with putting green, electric car charging stations, walking trail and ample cov - ered parking including a sepa - rate gated executive section. 300 Kimball Drive is situ- ated on 9.29 acres near the in- tersection of Interstates 80 and 287, within a four-building, 850,000 s/f office park called The Center of Morris County. The property benefits from strong visibility along I-80 and is widely considered one of the absolute best office assets in the Parsippany submarket. The JLL Capital Markets
team representing the seller was led by senior managing di- rectors Kevin O’Hearn, Jose Cruz and Jeremy Neuer and analyst Peter Kim . According to O’Hearn, “We’re thrilled to have as- sisted two long term, highly valued clients of the firm in a single transaction, Sov- ereign Partners with the successful execution of their value-add business strategy for the asset, and Signature Acquisitions with the strate- gic purchase of their second building in the office park. Additionally, this transaction is reflective of the flight-to- quality trend that we’re see- ing in office space – generally the top assets in each sub- market continue to perform well, and Parsippany is no different.” MAREJ Source,” a cafe experience with meals and snacks curated by 1K1’s tenants; and “The Re- finery,” a fitness and wellness experience with state-of-the- art cardio and strength equip- ment, spa-level locker rooms with showers, towel service, and private wellness rooms. Keystone acquired 1K1 from Arden Group in August 2019 and launched a multimillion- dollar repositioning and reno- vation plan to transform it into a pioneering, cutting-edge cam- pus in a dynamic location. It offers suites ranging from 1,350 to 60,000 contiguous rentable s/f and six levels of covered parking. In addition to 1K1, Keystone’s vertical integration in Conshohocken includes the transformational $340 million SORA West development. CBIZ is expected to move in during Q3 2023. Seamus Byrne, Eric Galanti and Bill Main of CBIZ Gibral- tar Real Estate Services and Ryan Conner of Tactix represented the tenant and Rich Jones and Tom Sklow of Keystone represented the owner. MAREJ
300 Kimball
recently renovated in 2013, 300 Kimball is a five-story office property that is 87% leased to a variety of tenants, including anchors FM Global, Langan Engineering, embecta and Western World Insurance/
AIG. The building is LEED Silver-certified, a recipient of the BOMA Building of the Year award and offers ten- ants an outstanding variety of features and amenities such as an impressive granite façade,
JANUARY 2023
HI-LIGHTS VAM arranges NJ multifamily portfolio sale totaling +$70M
Keystone Development + Investment leases more than 50,000 s/f at 1K1 to CBIZ, Inc.
CONSHOHOCKEN, PA — Keystone Development + Investment announced that CBIZ, Inc. (CBIZ) has signed a lease for 50,850 s/f of office space at 1K1 in West Conshohocken, pairing a lead - ing national provider of finan - cial, insurance, and advisory services with a premiere, all- inclusive, high-performance office development. The space enables CBIZ to adapt to evolving workplace needs in a state-of-the-art, class A building with collabor- ative and innovative features that optimize productivity and cultivate an exceptional team member experience. “This lease further solidi- fies 1K1 as a destination for companies that seek the best in terms of location, ameni- ties, and environment,” said Rich Gottlieb , president and COO of Keystone. “It is a modern workspace for modern companies, and CBIZ can take advantage of 1K1’s first-class services to grow and evolve as its business needs change.” 1K1, which has been home to Keystone’s headquarters since
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1K1 in West Conshohocken
late 2021, is a reimagined, six- story, 255,000 s/f workspace. It is the first building in the mar - ket to use artificial intelligent dynamic smart glass technol- ogy, which reduces energy costs while improving worker com - fort and productivity through a range of auto-sensing tint levels that anticipate the sun’s movement and adjust in re- sponse to temperature levels, glare, and daylight throughout the workday. Located at 1001 Con- shohocken State Road in West
Conshohocken, minutes from the Main Line and close to King of Prussia, Center City Philadelphia, and Plymouth Meeting, 1K1 features “The Exchange,” a tech-enabled executive conference room and event space available by reservation through a mo- bile app for private meetings and events. It also includes “The Curve,” a fully activated, 360-degree outdoor terrace that overlooks the falls and has complimentary Wi-Fi and ample seating areas; “The
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