The 3 Sylvan Wayan empty 147,241-square-foot, three-story, class A office building located in Parsippany, New Jersey, has been acquired by the Mack-Cali Realty Corporation, a fully integrated, self-administered, self-managed real estate investment trust (REIT).
"This acquisition is an example of how Mack-Cali is making it a priority to focus on our core holdings, like the Business Campus, that offer state-of-the-art office spaces with first-class amenities," said Mack-Cali's president, Michael DeMarco. "We are looking forward to making considerable investments in the entire Mack-Cali Business Campus to continue strengthening its position as a leading office location."
According to the press release of Mack-Cali in PR NewsWire, the acquisition of the empty 147,241-square-foot, three-story, class A office building in Parsippany, will boost the company's holdings at the 600-acre Mack-Cali Business Campus, which consist of 15 class A office properties that totals to approximately 2.1 million square feet of space.
"Adding 3 Sylvan Way to our portfolio will allow us to join our properties in a way that will bring incredible value to both our portfolio and tenants," said Ricardo Cardoso, Mack-Cali's executive vice president and chief investment officer. "Our renovation plans will allow Mack-Cali to command more attractive leasing rates."
The Mack-Cali Business Campus will undergo a series of significant renovations to upgrade its facilities and bring additional amenities for their tenants. These renovation plans includes interconnected pathways/jogging trails, the enhancement of dining options with the new on-campus restaurant pad sites, the improvement of outdoor community spaces, the construction of a full-service fitness center with yoga rooms and a golf simulator, the enhancement of business-class conference facilities, the augmentation of the building lobbies, the addition of a new signage and branding, and the opening of the Wegmans Supermarket in 2017.
The Mack-Cali Business Campus is strategically located at the nexus of I-287 and routes 10 and 202, and is offering a shuttle service to the nearby Morris Plains train station.
