Cushman & Wakefield Closes 161,000 SF in Leases at Morris Corporate Center 1 & 2
U.S. Headquarters Lease by Wallenius Wilhelmsen Logistics Punctuates Active 2017 for Parsippany, N.J., Office Property.
- Middlesex-Somerset-Hunterdon, NJ (1888PressRelease) January 10, 2018 - A 42,993-square-foot commitment by Wallenius Wilhelmsen Logistics this fall punctuates a period of active leasing at Morris Corporate Center 1 & 2 in Parsippany. A Cushman & Wakefield office brokerage team led by William O’Keefe, Charles Parmelli and Jackie Madden have orchestrated more than 161,000 square feet in new leases, renewals and expansions at the property to date in 2017.
Raymond Trevisan, Executive Managing Director with Cushman & Wakefield, served as tenant broker for Wallenius Wilhelmsen Logistics. The company, which delivers global shipping and logistics solutions for manufacturers of cars, trucks, heavy equipment and specialized cargo, will relocate its U.S. headquarters operation to the property from locations in Bergen and Middlesex counties. “Our site search concentrated in northern Parsippany, which provides an easily accessible, central location for this strategic consolidation,” Trevisan said. “My client wanted a quality building with competitive economics. Morris Corporate Center 1 & 2 was an ideal fit.”
Other new tenants at Morris Corporate Center 1 & 2 include Kia Motors (9,783 SF), American Medical Association (5,016 SF) and Deerfield Management (4,481 SF). Three tenants expanded and extended their leases, including Inttra, Inc, Generali (7,190 SF) and ExecuSearch (4,506 SF). Four others – Zurich Insurance, Provenir (10,617 SF), Interpace Diagnostics (5,886 SF) and Midas Pharmaceuticals (4,536 SF) – renewed or extended their commitments.
Brookwood Financial Partners, LLC appointed Cushman & Wakefield to market space at Morris Corporate Center 1 & 2 in mid-2016. The property offers 529,000 square feet of Class A office space at 300 Interpace Parkway and 1 Upper Pond Road, with leasing opportunities from 3,500 to 90,000 square feet.
“Morris Corporate Center 1 & 2 has always attracted strong tenant interest, thanks to its outstanding location, on-site amenities package and quality accommodations,” O’Keefe noted. “However, 2017 has proven to be a particularly busy year. This can be credited to the ownership’s completion of a $3 million capital improvement program that has brought the campus to an exceptional standard, and aggressive marketing campaign that has created significant buzz for the asset.” According to O’Keefe, the Parsippany market continues to attract firms involved in a wide range of industries, looking to benefit from the area’s strong labor pool and location. Within that context, Morris Corporate Center 1 & 2 has generated a significant portion of the immediate market’s leasing activity so far in 2017.
“Since purchasing the asset in 2014, Brookwood has been executing its business plan to improve occupancy at the property, which includes adding building amenities for tenants such as new conference centers, and significantly renovating amenities such as the cafes, fitness center and exterior landscaping improvements,” said Matt Brown, Asset Manager for Morris Corporate Center. “The amenities have been well received in the marketplace and given the size of the floor plates, we have the ability to attract a wide range of tenants. Our Cushman & Wakefield leasing team has done a tremendous job of executing on nearly 15 leasing transactions at the property in 2017 and we expect to continue that momentum into 2018.”
With an abundance of retail amenities located within walking distance to the property and an attractive covered parking ratio, we are well positioned to attract tenants that are looking for an institutionally managed building that provides a lower cost alternative to the downtown market. We welcome all of our new tenants to this property.”
Tenants benefit from recently renovated lobbies and common areas. Upgraded amenities include two modernized cafeterias with catering services; state-of-the-art conferencing facilities and training center; 5,000-square-foot fitness and aerobics center; executive covered parking and abundant surface parking; onsite security and property management; and conveniences like campus-wide Wi-Fi connectivity, an ATM, a tenant dry cleaning service and an after-hours coffee bar.
The 31-acre, two-building campus features preserved woodlands, a 1.5-mile walking/jogging trail and a courtyard with outdoor seating, pond and fountain. Tenants can take in the surrounding scenery and views from private balconies connected to their spaces.
Strategically situated at a four-way interchange off I-80 – less than one mile from the intersection of I-287 and Routes 46 and 202 – Morris Corporate Center 1 & 2 is located just 30 miles from New York City and even closer to Newark Airport. The campus sits adjacent to the Sonesta Suites Hotel and is convenient to fine dining, retail and mass transit.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow ( @ ) CushWake on Twitter dot
About Brookwood
Brookwood is a nationally-recognized private equity real estate investment firm that specializes in acquiring and managing value-add commercial real estate and other real estate-related operating businesses. Since its founding in 1993, Brookwood has invested over $900 million to acquire a portfolio of 185 properties, seven operating companies, and 74 gas stations with convenience stores, with a total capitalization of over $2.4 billion. The portfolio has spanned multiple asset classes, geographical markets, and industries throughout the United States.
www.brookwoodfinancial.com
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