Parsippany Office Space To Become Massive Warehouse

PARSIPPANY, NJ — A large office space has been purchased by a company that intends to turn it into a warehouse.

Earlier this month, investment management firm Axonic Capital LLC announced it has facilitated the purchase of the property at 5 Wood Hollow Road in Parsippany.

The building that sits on the property now, a 330,000-square-foot office space, will be demolished, the announcement reads. It will be replaced with a 340,000-square-foot Class-A industrial property.

The property was sold for $30.8 million, and the project will be carried out by Deugen Development.

“The acquisition of 5 Wood Hollow aligns perfectly with our investment thesis of targeting premier industrial development projects in markets with strong demand and high barriers to entry,” said Kyle Mathis, Chief Investment Officer at Deugen Development. “The I-287 corridor’s direct access to major transportation infrastructure and deep concentration of sophisticated industrial users make Parsippany one of the most compelling locations in the Northeast for this asset class.”

The building is expected to be vacant by the end of 2026, with demolition slated to begin in late spring 2027.