A joint venture between Lincoln Property Co. and Goldman Sachs Whitehall Fund has sold a 207,671-square-foot office portfolio in Parsippany, N.J., for $21 million.
The partnership, LWS II Real Estate LP, shed buildings located at 199 Pomeroy Road and 959 Route 46 East.
The Pomeroy Road property is a three-story, 76,232-square-foot office building, which underwent a complete renovation in 1998. It was 85 percent leased with Magellan Health Services occupying the majority of the building at the time of sale.
The Route 46 facility is a 131,439-square-foot, five-story office building, which recently underwent a significant capital improvement of the lobby and common areas. It was 75 percent occupied at the time of sale with such tenants as Toshiba, Progressive Insurance and Medtronics.
The new owner, whose identity was not disclosed, plan to upgrade the building systems and aesthetics to secure new tenants and satisfy the needs of existing tenants seeking to expand or extend their current leases, according to a press statement.