Mack-Cali Realty Corp. (NYSE: CLI
) sold the building housing the headquarters of international hotel operator Wyndham Worldwide at 22 Sylvan Way in Parsippany, NJ to Griffin Capital Corp. for $96.6 million, or about $387 per square foot.
In addition to the sales price, Griffin is assuming responsibility of roughly $7 million in future tenant improvement and commission obligations.
Constructed in 2009 as a build-to-suit for Wyndham, which occupies the entire three-story, 249,409-square-foot office building under a long-term, net lease. Wyndham recently extended the term, re-upping to 15 years to coincide with its newly-completed headquarters expansion space at the adjacent 14 Sylvan Way, a 203,000-square-foot building also developed and owned by Mack-Cali.
"Due to the long-term lease with Wyndham, this was an excellent opportunity to monetize the value of this class A corporate headquarters," said Mitchell E. Hersh, president and chief executive officer of Mack-Cali. "The proceeds will be reinvested into more strategic growth opportunities throughout the Northeast."
Jose Cruz, Kevin O'Hearn, Marc Duval, Andrew Scandalios and Jeffrey Julien with HFF represented the seller. The buyer handled the sale in-house.
Please see CoStar COMPS #3009693 for additional information on this transaction.