An office building in Parsippany near the busy corridor along interstates 287 and 80 has sold for $10.2 million, according to a Thursday announcement from real estate services firm CBRE, which arranged the transaction.
BSD Investment Properties LLC in Lakewood is buying the site, according to Bruce Stern, managing director of Red River Asset Management, which sold the tract.
The building is at 299 Cherry Hill Road. Red River, also based in Lakewood, bought it for $4.5 million in 2021, Stern said.
Parsippany is part of a larger central Morris County market known for its abundance of offices, many of which sprung up in the suburbs during the 1980’s, said James Hughes, a professor of urban planning and policy development at Rutgers in New Brunswick.
Lower tier office space a ‘dying breed’
Much but not all of that office space fell out of vogue even before the COVID-19 pandemic, Hughes said, as younger talent flocked to urban centers. The pandemic only hastened that trend, and some suburban office space has been demolished to make way for other developments such as apartments or warehouses.