Dealmaker: State Farm Sells N.J. Office Asset for $66M

Transwestern Investment Group, Houston, brokered the $66 million sale of a 400,000-square-foot Class A office building in Parsippany, N.J.

State Farm insurance company, Bloomington, Ill., sold 300 Kimball Drive in Parsippany to a private investor buyer. The asset dates to 2001. State Farm occupied the property until 2013, when it started renovating the five-story building. Improvements included redesigning its 4,900-square-foot lobby, 8,600-square-foot restaurant and 3,000-square-foot fitness center. The building received LEED Silver and Energy Star certification after the updates.

The capital improvement program also transformed the asset from a single-tenant property into a modern multi-tenant facility currently 78 percent leased to tenants including FM Global, Fiserv, Langan Engineering and Western World Insurance. Transwestern Commercial Services oversaw the renovations.

A team from HFF including Senior Managing Directors Kevin O’Hearn and Jose Cruz and Senior Directors Stephen Simonelli and Michael Oliver represented State Farm. HFF also procured the buyer.