Time Equities Acquires Parsippany Mack-Cali Office Buildings for $15.4 Million

Three properties sold by Mack-Cali to Time Equities are 4 Century Drive (top left), 5 Century Drive (bottom left, and 6 Century Drive (right), in Parsippany, NJ

PARSIPPANY, NJ— New York-based Time Equities,  in a joint venture with Bergman Realty Corporation , has acquired a three-building Parsippany, NJ office portfolio from Mack-Cali Realty Corporation for $15.4 million. The three class B multi-tenant buildings at 4 Century Drive, 5 Century Drive and 6 Century Drive are TEI’s fourth office acquisition in New Jersey. Spanning 280,237 square feet, the three-building collection is 57 percent occupied, with 18 tenants currently in place. The site is situated adjacent to the Mack-Cali business campus, located at 8 Campus Drive , which encompasses 15 class A office properties totaling approximately 2.1 million square feet. “Demonstrating strong public sector job growth, New Jersey’s annual leasing activity reached a record high in 2015, lending itself well to development opportunities along attractive office corridors,” says Aaron Medeiros , director of acquisitions with Time Equities . “As TEI continues to expand its substantial Northeast portfolio, comprised of a variety of real estate classes, we felt that Parsippany was a reasonable fit. We look forward to implementing a series of design and amenity focused building upgrades that will dramatically improve the building for our existing tenants, and hopefully attract new companies as well.”

• 4 Century Drive is a three-story, 100,036-square-foot building. Current tenants include Continental Casualty, occupying almost 20 percent of the building, and Cuyler Burk, occupying 6.4 percent of the building.
• 5 Century Drive is a three-story, 80,000-square-foot building. Current tenants include Diagnostica, occupying approximately 61 percent of the building, and Collabera, occupying over 33 percent of the building.
• 6 Century Drive is a three-story, 100,158-square-foot building. Current tenants include M.D. Online, occupying over 33 percent of the building, and Wegman’s occupying 5 percent of the building.

José Cruz of Holliday Fenoglio Fowler brokered the deal on behalf of Mack-Cali. Aaron Medeiros represented Time Equities in-house. CORRECTION, 7/21/2016:  An earlier version of this story, based on information provided by TEI,  did not mention Time Equities’ joint venture partner, Bergman Realty Corporation .