Press Release

PAG Investments Taps CBRE as Exclusive Leasing Agent for Class A Office Property in Parsippany, NJ

15 Jan 2020

New York City-based PAG Investments has appointed CBRE as the exclusive leasing agent for 5 Wood Hollow Road in Parsippany, New Jersey — a three-story, Class A office campus it recently acquired from Mack-Cali Realty Corporation. The new ownership plans to make a significant investment to update and renovate the interior and exterior of the building and transform it into a premier office destination in the submarket.
 
Gershon Alexander, Principal of PAG said, “We are excited about the opportunity to revitalize 5 Wood Hollow and solidify its position as the premier office building in the market. Our plan is to renovate and upgrade the common elements of the building, such as a brand-new cafeteria and a state-of-the-art conference room for all tenants to enjoy. We also plan to create an outdoor gathering area in order to provide an exceptional experience for our tenants and its visitors.”

Dan Casey will head up the CBRE leasing team and oversee the leasing campaign at the property on behalf of PAG Investments.
 
"CBRE is thrilled to have the opportunity to work with PAG Investments and assist them in the lease-up of this high-profile asset,” said Casey, First Vice President, CBRE. “Currently, we have the entire third floor consisting of approximately 118,000 sq. ft. available for lease, which represents the largest contiguous block of furnished office space on one floor in the entire Parsippany submarket.”

Built in 1984 and renovated in 2005, 5 Wood Hollow Road is a 331,000 sq. ft. campus designed by award-winning architect Charles Gwathmey. The building is situated on a 23-acre site strategically located at the crossroads of I-287 and I-80, with easy highway access. The office complex boasts a number of convenient amenities including an on-site, full cafeteria with indoor and outdoor seating; complimentary Wi-Fi; conference facilities; fiber optics for high-speed connectivity; and ample parking.
 
The property also features a contemporary three-story atrium lobby with stone floors, stone and wood wall panels, acoustic ceilings, lighting and glass railings; state-of-the-art, energy efficient HVAC building management systems; and a 3500-kW emergency backup generator for the entire third floor.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.