"The buyer was attracted to the two buildings because they represent an opportunity to add value," says GVA Williams' SVP David Csontos, who co-brokered the sale with associate Eric Rubin. "The buyer was selected from among a number of prospective investors because of their track record and their ability to close the deal in 21 days from contract signing.

"The timing of this disposition allowed LWS to take advantage of the abundant sources of capital seeking quality assets in historically strong submarkets," Csontos continues.

The larger of the two buildings is 959 Route 46 East, also known as Parsippany Place, a 131,439-sf, five-story office building. Originally built in 1986, the building recently underwent a significant capital improvement of its lobby area and common areas. Currently, the building is 75% occupied by such tenants as Toshiba, Progressive Insurance and Medtronics. Available space is listed with an asking price of $22 per sf.