NEWARK, NJ−At the RealShare conference here last week, HFF's Jose Cruz gave a vivid account of investor frenzy that broke out over the recent sale of the Wyndham Worldwide headquarters office building in Parsippany: “Three rounds of bidding, six finalists, with a variety of investors staying in the hunt – REITS, pension funds, Israeli investors, insurance companies.”
His fellow panelists congratulated Cruz on a sale that priced out at $400 per square foot. Then, NorthMarq Capital's Greg Nalbandian brought the discussion on “Opportunities in Investment and Finance” back to earth.
“That is extraordinary,” he said of the scrum to acquire the Parsippany building from Mack-Cali, won by the Griffin Capital REIT of California, which paid $96.6 million. “I see it as evidence of a bifurcated market.”
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