600 Parsippany Road Office Property Heads to Auction, Signals Redevelopment Momentum

The Class A office building at 600 Parsippany Road will undergo an online auction from May 19 to May 21, 2025. Covering around 100,035 square feet, the property is currently 69% leased and has attracted over 380,000 views, demonstrating significant investor interest. Situated in Morris County’s primary business corridor, it offers direct access to major highways and boasts 312 parking spaces on 8. 34 acres. Tenants include nationally recognized firms like Truist Bank and Lumen Technologies, enhancing the site's appeal.

The auction, managed by Ten-X, opens with a bid of $1,750,000, while the building's valuation stands at $7,000,000. With a Net Operating Income of approximately $600,000 and a Weighted Average Lease Term exceeding three years, the property shows promising financial metrics. The auction coincides with Parsippany's efforts to revitalize its commercial landscape, repurposing outdated office buildings into residential and mixed-use developments. Nearby projects, such as PARQ Parsippany and the Whole Foods-anchored Parsippany Marketplace, further contribute to the area's growing vibrancy.