1/11/2008

TIAA-CREF sells Parsippany office building

by

10 Waterview Blvd.

San Francisco, Calif.-based McMorgan & Company has purchased a 208,600 square foot office building in Parsippany, N.J., from TIAA-CREF.

Terms of the deal were unreleased, but TIAA purchased the building in 1999 for $30.95 million, according to Morris County records.

The deal was brokered by David Bernhaut, Andrew Merin, Gary Gabriel and Jose Cruz of Cushman & Wakefield's Metropolitan Area Capital Markets Group.

Built in 1987, the building is located at 10 Waterview Blvd. and sits on 18.56 acres. It is currently 58 percent occupied to four tenants and has suites available ranging from 2,484 to 45,032 square feet.

Parsippany is located roughly 18 miles west of Newark.

The Cushman & Wakefield team recently brokered the sale of Mariner's Waterfront, a 222-unit apartment community in Edgewater.

Address: 10 Waterview Blvd., Parsippany, N.J.

Size: 208,600 square feet

Built: 1987

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Filed Under: Office

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