Listen to this articleThe basics:
- One Jefferson Road sale in Parsippany marks Colliers‘ fourth recent, local office deal
- Signature Acquisitions sold the 100K-sf Class A property to end-user buyer
- Former Day Pitney office features marble lobby, cafeteria & conference facilities
- Parsippany office market continues to produce strong absorption and investment activity
The former longtime home of Day Pitney LLP was recently delivered vacant to new ownership following the site’s acquisition.
Colliers said Oct. 9 it arranged the sale of 100,000-square-foot Class A office property One Jefferson Road. The firm represented the seller, Signature Acquisitions, and procured the end-user buyer.
Financial terms of the deal were not disclosed. Colliers declined to provide further details on the buyer or its plans for the site. Vice Chair Jacklene Chesler, Vice President Patrick Norris and Director Matthew Cohen led the team that facilitated the deal.
Built in 2009, the 8.49-acre property features a marble lobby, full-service cafeteria and conference room center. It occupies a location at the crossroads of Interstates 80 and 287 along with Route 46.
Day Pitney announced its official move in August, staying within Parsippany to take 56,000 square feet at Novartis’ former home at 8 Sylvan way.
Change of plans?
Meanwhile, seller Signature Acquisitions acquired the site this past February. At the time, it marked the Cranford-based company’s third buy at The Center of Morris County in Parsippany. Colliers did not respond to a request for more insight into the turnaround. When JLL announced the firm’s acquisition of the site at the start of 2025, representatives said One Jefferson Road served as a “crucial piece of the puzzle” for the firm’s strategic vision at the campus.
In its June 2025 Housing Element & Fair Share Plan, the Township of Parsippany-Troy Hills details a proposal from SIG One Jefferson LLC, identified as the owner of the property at One Jefferson Road. The plan called for the conversion of the current structure to add 80 apartments with a 15% affordable set aside. SIG also proposed 33 new town homes for the site, with eight designated as affordable housing.
However, “The Township did not select this property at this time to address its Fourth Round Need,” the township wrote, noting, “The property did not represent the most advantageous or desirable location or the best land use planning option for the Township.”
Morris County momentum
Morris County office space has generated significant interest of late. According to JLL, Parsippany posted total net absorption of 122,083 square feet in the third quarter. The figure was the highest for a specified region included in the company’s Q3 office overview.
“The sale of One Jefferson Road reflects the growing appetite for high-quality office assets in suburban markets like Parsippany,” Chesler said. “We’re proud to support continued investment in this corridor and contribute to the ongoing evolution of Morris County’s office landscape.
“The ongoing demand for premium office space, coupled with constrained supply levels, has been sustaining rent growth among Premier Class A office buildings.”
Parsippany, in particular, is home to several Fortune 500 corporations. According to Colliers, approximately 2.7 million square feet of local office space has been – or is expected to be – repositioned.
For Colliers, the deal marks the fourth completed in the area in the past 10 months. Other transactions include:
- 600 Parsippany Road
- 2 Gatehall Drive
- 140 Littleton Road
- 2200 Route 10
- 150 Smith Road
- Intel Corporate Center site (District 15Fifteen)
Additionally, the team said it has a hard contract in place on 45 Waterview. It was also hired as exclusive marketing agent for 199 Pomeroy Road in town, the firm said.
