An office building in Parsippany, located near the busy corridor along interstates 287 and 80, has been sold for $10.2 million. This transaction was announced on Thursday by real estate services firm CBRE, which facilitated the sale.
BSD Investment Properties LLC, based in Lakewood, is purchasing the site, according to Bruce Stern, managing director of Red River Asset Management. Red River Asset Management sold the property.
The building is situated at 299 Cherry Hill Road. Red River, also headquartered in Lakewood, acquired it for $4.5 million in 2021, as stated by Stern.
Parsippany is part of a larger central Morris County market known for its numerous offices that emerged in the suburbs during the 1980s. James Hughes, a professor of urban planning and policy development at Rutgers University in New Brunswick, noted this trend.
"Much but not all of that office space fell out of vogue even before the COVID-19 pandemic," Hughes explained. He added that younger talent moved to urban centers and "the pandemic only hastened that trend." Consequently, some suburban office spaces have been demolished to make way for other developments such as apartments or warehouses.
