{"id":1004095582,"date":"2014-04-29T12:16:07","date_gmt":"2014-04-29T20:16:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004095582"},"modified":"2022-12-08T12:21:44","modified_gmt":"2022-12-08T20:21:44","slug":"griffin-capital-grabs-249-ksf-wyndham-worldwide-hq-in-parsippany-nj","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/griffin-capital-grabs-249-ksf-wyndham-worldwide-hq-in-parsippany-nj\/","title":{"rendered":"Griffin Capital Grabs Wyndham Worldwide HQ in Parsippany, NJ"},"content":{"rendered":"<p><em>By Anna Spiewak, News Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/Wyndham_Hero.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004095586\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/griffin-capital-grabs-249-ksf-wyndham-worldwide-hq-in-parsippany-nj\/wyndham_hero\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/Wyndham_Hero.jpg\" data-orig-size=\"1348,899\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;8&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS 5D Mark II&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1247912286&quot;,&quot;copyright&quot;:&quot;\\u00a92009 William Taufic-All Rights Reserved&quot;,&quot;focal_length&quot;:&quot;21&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.0055555555555556&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Wyndham_Hero\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/Wyndham_Hero.jpg?w=1024\" class=\"alignleft size-medium wp-image-1004095586\" alt=\"Wyndham_Hero\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/Wyndham_Hero.jpg\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/Wyndham_Hero.jpg 1348w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/Wyndham_Hero.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/Wyndham_Hero.jpg?resize=768,512 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/Wyndham_Hero.jpg?resize=1024,683 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>Griffin Capital Corp., on behalf \u00a0of Griffin Capital Essential Asset REIT Inc., has grabbed a 249,409-square-foot Wyndham Worldwide corporate headquarters facility in Parsippany, N.J. from an affiliate of Mack-Cali Realty Corp.<\/p>\n<p>One of the biggest hospitality companies, Wyndham Worldwide has a remaining lease term of more than 15 years with annual base rental rate increases of 1.75 percent and has been an occupant of the building since it was developed as a build-to-suit in 2009.\u00a0\u00a0Wyndham leases the entire building and subleases 2,306 square feet to a credit union which is also an amenity for its employees,\u00a0Louis Sohn, Griffin Capital&#8217;s Senior Vice President of Acquisitions told\u00a0<em>Commercial Property Executive<\/em> .<\/p>\n<p>Sohn added\u00a0 that Griffin Capital&#8217;s interest in the North Jersey property had to do with &#8220;the timeless quality of \u00a0the physical asset coupled with the long duration of the lease, which is backed by a strong, investment-grade rated tenant, which is also the largest hotel company (by rooms) in the country that utilizes this as its corporate headquarters.&#8221;<\/p>\n<p>&#8220;The building won for a second time this year the Outstanding Building of the Year Award (TOBY) for the Middle Atlantic Region from the Building Owners and Managers Association,&#8221; he concluded.<\/p>\n<p>This is GCEAR&#8217;s first acquisition in 2014 on the East Coast. But the company acquired four other properties previously: including a 1.4-million square-foot industrial facility leased to caterpillar in Joliet, Ill. purchased for $57 million.; a 430,000-square-foot office building leased to Digital Global in Westminster, Colo. bought for $92 million; a 131,000-square-foot office facility leased to Waste Management in Phoenix, Ariz. bought for $22.8 million; and a 157,000-square-foot office facility leased to BT Infonet in El Segundo, Calif. for $52.6 million from a foreign investor. In total, GCEAR&#8217;s total year-to-date acquisitions come out to more than $320 million in purchase price,\u00a0according to the news release.<\/p>\n<p>Marcus &amp; Millichap&#8217;s latest North Jersey office report states that \u00a0last year, cap rates for office properties in the area averaged in the high-7 percent range. Top-tier assets traded in the mid-7 percent range while Class B office properties traded in the low-8 percent range in 2013.<\/p>\n<p>Griffin Capital Essential Asset REIT Inc. is a publicly registered non-traded REIT with a portfolio that currently includes 47 office and industrial distribution properties totaling approximately 11.2 million rentable square feet and total capitalization of approximately $2 billion. The REIT&#8217;s sponsor is Griffin Capital Corp., a privately-owned real estate company headquartered in Los Angeles.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Griffin Capital Corp. has snapped up Wyndham Worldwide\u2019s 250,000-square-foot corporate headquarters facility  in Parsippany, N.J., for $97 million.<\/p>\n","protected":false},"author":952,"featured_media":1004095586,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1600,21742,10,21747],"tags":[],"class_list":["post-1004095582","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-new-york","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Griffin Capital Grabs Wyndham Worldwide HQ in Parsippany, NJ - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/griffin-capital-grabs-249-ksf-wyndham-worldwide-hq-in-parsippany-nj\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Griffin Capital Grabs Wyndham Worldwide HQ in Parsippany, NJ\" \/>\n<meta property=\"og:description\" content=\"Griffin Capital Corp. has snapped up Wyndham Worldwide\u2019s 250,000-square-foot corporate headquarters facility in Parsippany, N.J., for $97 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/griffin-capital-grabs-249-ksf-wyndham-worldwide-hq-in-parsippany-nj\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-04-29T20:16:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T20:21:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/Wyndham_Hero.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1348\" \/>\n\t<meta property=\"og:image:height\" content=\"899\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anna Spiewak\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/griffin-capital-grabs-249-ksf-wyndham-worldwide-hq-in-parsippany-nj\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/griffin-capital-grabs-249-ksf-wyndham-worldwide-hq-in-parsippany-nj\/\",\"name\":\"Griffin Capital Grabs Wyndham Worldwide HQ in Parsippany, NJ - 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