Griffin Capital Essential Asset REIT II Inc. expanded its New Jersey portfolio with the acquisition of a class A, three-story office facility in Parsippany.
The company bought the 125,735-square-foot property from Normandy Real Estate Partners and Partners Group for $44.0 million on a fully occupied basis under a long-term triple-net lease.
The property, which is within the Mack-Cali Business Campus, is 100% leased to Zoetis Services LLC and guaranteed by Zoetis Inc., the tenant's parent company. The office serves as Zoetis Services' global headquarters.
Griffin noted that the transaction takes its total capitalization above $1 billion.