Parsippany Office Building Sells at a Loss
An aging office building in Parsippany recently sold at a loss as North Jersey municipalities convert vacant commercial properties into residential housing and warehouses.
Insights:
A 75,049-square-foot office building in Parsippany sold for $8.9 million, taking a $100,000 loss as United States suburban corridors grapple with widespread vacancies. The property at 10 Lanidex Plaza West traded below its 2020 purchase price of $9 million. The sale highlights the shifting real estate climate across northern New Jersey as municipalities repurpose millions of square feet of aging commercial space.
