PARSIPPANY--The New Jersey and New York offices of Holliday Fenoglio Fowler announced today that they arranged a $47 million refinancing for 100 Kimball Drive, a 175,000-sf Class A office building in Parsippany.
Working on behalf of a partnership comprised of JPMorgan Asset Management, Mack-Cali Realty Corporation and The Hampshire Companies, HFF senior managing directors Jon Mikula and Whit Wilcox (HFF New York), placed a five-year, fixed-rate loan with The Union Labor Life Insurance Company, on
behalf of its Separate Account J. Loan proceeds will repay construction costs and pay tenant improvements and leasing commissions. JPMorgan Asset Management owns its interest through its Special Situation Property Fund, one of four co-mingled real estate investment funds it manages.
Completed in the first quarter of 2007, 100 Kimball Drive is the third building to be built in The Center of Morris County office complex at the intersection of Interstates 80 and 287 in Parsippany. The five-story property, which is managed and leased by Gale Real Estate Services Company, was developed on a speculative basis by The Gale Construction Company. Ownership entered into lease discussions with Deloitte & Touche while the building was under construction and Deloitte & Touche signed a lease for 91% of the building. 100 Kimball Drive offers amenities that include 86
underground parking spaces and a cafeteria.
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