208,000-SF Assignment Gets New Agent

PARSIPPANY, NJ-Herring Terramax Developers has picked Grubb & Ellis to exclusively market two office buildings totaling 208,000 sf here. For G&E, John Beers, SVP and Craig Fitzpatrick, VP, in the firm’s Fairfield, NJ office, are handling the assignment, which was previously marketed by CB Richard Ellis. As reported by GlobeSt.com, Herring Terramax, a local group headed by Jon Hendel and James Herring, acquired the two buildings late last year from Lincoln Property Co. and Goldman Sachs Whitehall Fund for $21 million.

Since then, the new owners have completed a renovation of the properties and have had some success in filling the available space. The 131,439-sf Parsippany Place, also known as 959 Route 46, was acquired with a 42% vacancy. Since then, the signing of Chubb Institute, Transervice Logistics and FHM Mortgage to a combined 38,800 sf has elevated the building to 80% occupancy. The remaining space is listed with an asking price of $22 per sf plus tenant electric.

And the 76,232-sf Crossroads Corporate Center, located at 199 Pomeroy Rd. is currently 89% occupied. Its 8,637-sf availability is listed with an asking price “available upon request. Situated on five acres, the building includes a street-level retail component.