C&W signs leases, renewals, expansions in Parsippany

By Eric Strauss
Parsippany | Jan 9, 2018 at 12:13 pm

Cushman & Wakefield has signed a series of tenants to leases for Morris Corporate Center 1 & 2 in Parisppany, the real estate services firm announced recently.

The 161,000 square feet in new leases, renewals and expansions in 2017 is highlighted by a 42,993-square-foot deal with Wallenius Wilhelmsen Logistics to open a headquarters at the two-building property at 300 Interpace Parkway and 1 Upper Pond Road, C&W said in a news release.

The brokerage team led by William O’Keefe, Charles Parmelli and Jackie Madden is responsible for the recent signings at the property.

In the Wallenius Wilhelmsen deal, C&W’s Raymond Trevisan served as tenant broker for the company, which provides global shipping and logistics solutions to makers of cars, trucks, heavy equipment and other specialized cargo. The company is consolidating its U.S. headquarters in Parsippany, 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 in a prepared statement. “My client wanted a quality building with competitive economics. Morris Corporate Center 1 & 2 was an ideal fit.”

Other new tenants who have signed recently include:

  • Kia Motors, 9,783 square feet;
  • American Medical Association, 5,016 square feet; and
  • Deerfield Management, 4,481 square feet.

Three other tenants expanded and extended leases:

  • Generali, 7,190 square feet;
  • ExecuSearch, 4,506 square feet; and
  • Inttra Inc., undisclosed.

Finally, four other tenants renewed or extended leases:

  • Provenir, 10,617 square feet;
  • Interpace Diagnostics, 5,886 square feet;
  • Midas Pharmaceuticals, 4,536 square feet; and
  • Zurich Insurance, undisclosed.

Cushman & Wakefield was chosen by property owner Brookwood Financial Partners LLC to market space at the 529,000-square-foot Class A office property.

“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 said in a statement. “However, 2017 has proven to be a particularly busy year.”

O’Keefe said Brookwood, which bought the property in 2014, has since completed a $3 million capital improvement campaign, including new conference centers and renovated amenities.

 

Eric Strauss | estrauss@roi-nj.com | estrauss