PARSIPPANY, NJ—The IMS Health global headquarters at 100 IMS Drive, Parsippany, NJ, has been sold to a Washington, DC-area developer for $22.2 million, in a deal brokered by Stan Johnson Company. The medical office building consists of 83,477 square feet on 2.92 acres.

Joshua Pardue, CCIM and Tom Georges of Stan Johnson Company represented the seller, Commercial Realty Group Inc., and the buyer, Maryland Associates Limited, in the transaction. IMS Health will remain the tenant at the property.

"We are pleased to have had the opportunity to work with a leading New Jersey-based value-add developer. We assisted in the restructuring of the existing lease to create product that was well received by today's active net lease market," says Pardue, director of Stan Johnson Company's New York office. "We are confident that the lease extension and restructure process created significant incremental value for the seller, while also allowing us to facilitate the investment needs of a top-tier private buyer based out of the DC market. We are seeing today's compressed cap rates create win-win-win scenarios, where the tenant can reduce occupancy costs or achieve other facility needs, while we create long-term net lease assets that meets the investment market's needs. This allows our sellers to achieve an unprecedented exit price."