5 Wood Hollow Road, Parsippany, NJ

PARSIPPANY, NJ—New York City-based PAG Investments has secured$31.12 million in financing for its recently acquired 5 Wood HollowRoad office building.

The financing was arranged by JLL Capital Markets and providedby Prime Finance for the 330,631-square-foot office building thatPAG Investments purchased from Mack-CaliRealty of Jersey City in late 2019.

The bridge loan has two one-year extension options and proceedswill be used to acquire the property and fund future capitalexpenditures and leasing advances.

Until recently, the three-story building's top floor—totalingapproximately 117,000 square feet—was occupied by AIG. 5 WoodHollow Drive is located on nearly 23 acres at the Interstate 80 and287 interchange in northern Parsippany.

The building features average floor plates of 117,000 squarefeet, an atrium lobby, a full-service cafeteria, fitness center,conference facilities and ample parking. 5 Wood Hollow Drive iscurrently 65% leased.

The JLL Capital Markets team that worked on the deal includedsenior managing director Michael Klein and associate AndrewZilenziger.