PARSIPPANY, NJ—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 US 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 says. “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 square feet), American Medical Association (5,016 square feet) and Deerfield Management (4,481 square feet). Three tenants expanded and extended their leases, including Inttra, Inc, Generali (7,190 square feet) and ExecuSearch (4,506 square feet). Four others – Zurich Insurance, Provenir (10,617 square feet), Interpace Diagnostics (5,886 square feet) and Midas Pharmaceuticals (4,536 square feet) – renewed or extended their commitments.
Brookwood Financial Partners named 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 says. “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.”
O’Keefe says 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,” says 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. 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.”
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 Liberty International Airport. The campus is adjacent to the Sonesta Suites Hotel and is near dining, retail and mass transit.