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CBRE Closes $53M Sale of 8 Sylvan Way

PARSIPPANY—Jeffrey Dunne, Kevin Welsh, Steve Bardsley and Brian Schulz of CBRE's New York Institutional Group collaborated with Sam Buckley of CBRE's Saddle Brook Office to represent The Hampshire Companies in the $53 millon sale of 8 Sylvan Way in Parsippany on behalf of its HPFVI fund.

The 176,062-sq.-ft. 8 Sylvan Way is a located within the Mack-Cali Business Campus, which serves as the global corporate headquarters of The Medicines Company, a global provider of acute and intensive care hospital medicine. Morris County is home to the largest concentration of corporate headquarters in New Jersey and is often referred to as the "Nation's Medicine Chest" due to its large concentration of pharmaceutical companies.

The Hampshire Companies redeveloped the property in 2009, highlighted by a new design by the architectural firm HLW, and repositioned the property as one of Morris County's leading office buildings.

The New York Institutional Group has a number of investment opportunities currently on the market including: Sunrise Business Center, a 389,490-sq.-ft. office building in Great River, N.Y.; Walmart Plaza, a 199,393-sq.-ft. shopping center in Derby, Conn.; and Montgomery Towne Square, a 100,125-sq.-ft. grocery anchored shopping center in Montgomery, NY.

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