Cushman & Wakefield Inks Sale of Parsippany Office Property

Firm Named Leasing Agent for 6 Upper Pond Road by New Owner Pond Partners. End Quote

Newark, NJ (1888PressRelease) March 03, 2011 - Commercial real estate services firm Cushman & Wakefield, Inc. has arranged the $5.25 million sale of 6 Upper Pond Road in Parsippany. Pond Partners, LLC, a privately held real estate investment company, purchased the 73,000-square-foot, Class A asset from EBI, LLC.

Jon Williams, based in Cushman & Wakefield's Morristown, N.J, office represented Pond Partners, LLC, while Robert Rudin and Andrew Schiffer, based in East Rutherford, N.J. and Charlie Hatfield of the Morristown, N.J. office represented EBI in the transaction.

Pond Partners is part of Cornwell Corporation, a privately-owned firm with multiple operating companies. Cornwell, will relocate its corporate offices and one of its organizations, Edifice Information Management, to approximately 22,000 square feet on the third floor at 6 Upper Pond Road. Edifice specializes in information services, including the collection, analysis and distribution of point-of-sale data used by retailers and suppliers to improve their supply chain efficiencies.

Pond Partners selected Williams as the leasing agent to market the building's available space for lease. This includes the entire first and second floors, totaling 44,000 square feet, as well as a 5,000-square-foot, lower-level unit. 6 Upper Pond Road is located within the prestigious Morris Corporate Center campus.

"The 6 Upper Pond property truly stands out," noted John H. Cornwell, chief executive officer of Cornwell Corporation. "The thought that went into its architecture, from the attractive window line and waterfall in the lobby, to the efficient floor plates and amenities is impressive. Additionally, the building is located in one of Parsippany's best corporate campuses."

Cornwell added that Pond Partners will renovate the lobby, common area finishes, mechanical systems and landscaping at 6 Upper Pond Road. The building features a four-story atrium crowned with skylights; available high-bandwidth fiber, VOIP phone services and a data center with optional management services; and executive covered parking. Campus amenities also include two first-class cafeterias, a fitness center, jogging/walking trail, three-hole putting green, tenant dry cleaning service and shoe-shine, and on-site property management.

"Pond Partners' cost basis in its investment at 6 Upper Pond Road enables us to offer a truly competitive Class A product backed by financially stable ownership," Williams said. "When the renovations are complete, we will be marketing the most up-to-date building within Morris Corporate Center. Within this context, Pond Partners is offering significant flexibility when it comes to making lease deals."

Morris Corporate Center is strategically situated at a four-way interchange off I-80 with easy access to I-287, and routes 46, 202 and 10. It is just 25 miles from Newark Liberty International Airport; 30 miles from New York City; and close to fine dining, shopping and accommodations, including the on-campus Staybridge Suites Hotel.

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