Teva signs long-term lease at MCCBLUE complex

By Eric Strauss
Parsippany | Jul 24, 2018 at 12:16 pm

Teva Pharmaceuticals USA Inc., which announced earlier this month that it was moving its U.S. headquarters to Parsippany, has signed a lease at the MCCBLUE office complex in the township, according to real estate firm JLL.

The life sciences company signed a 12-year lease for 345,000 square feet at the site, a 541,000-square-foot Class A complex at 400 Interpace Parkway.

JLL’s team of Frank D. Recine, executive managing director; Timothy Greiner, executive managing director and head of JLL Agency Leasing in New Jersey; Blake Goodman, executive vice president; and Fred Hyatt, senior vice president, represented the building owner, Livingston-based P3 Properties. Cushman & Wakefield’s Dan Johnsen, managing director, represented the tenant.

The deal is the largest lease in New Jersey so far this year, JLL said.

“In just six months, JLL, working closely with Harvey Rosenblatt, CEO of P3 Properties, has been able to fill the available space at MCCBLUE,” Recine said in a prepared statement. “Harvey’s vision has created an exceptional environment at the office building for tenants, their employees and visitors. Teva Pharmaceuticals’ relocation to Parsippany will bring tremendous economic benefits to the surrounding communities, as well as the entire state.”

Teva will occupy all of Building A, and a majority of Building B and Building D at the site, formerly known as Morris Corporate Center III. The property includes four, four-story buildings on a 182-acre master planned campus.

“Our team at P3 has been very successful at developing and creating an identity and branding overhaul for MCC III,” Rosenblatt said in a statement. “Frank, Tim, Blake and Fred were crucial to our efforts, completing a number of transactions in just a few months and stabilizing the property in record time. This is by far the largest office lease signed in New Jersey so far this year.”

JLL said it recently completed leases at MCCBLUE for:

  • Curtiss-Wright Corp., 10 years, 15,442 square feet; Benjamin Brenner of C&W represented the global manufacturer;
  • Lee Hecht Harrison, five years, 5,149 square feet; Brandon DeGraff of C&W represented the talent development company;
  • Pharmaceutical Associates Inc., three years, 3,033 square feet; Thomas Semler of Weichert Commercial Brokerage Inc. represented the pharmaceutical company;
  • Signet Financial Management LLC, five years, 2,528 square feet; Daniel Whitehead of Resource Realty of Northern New Jersey represented the wealth management firm.

“A major factor in our success has been the ‘out-of-the-box’ thinking and partnership between our leasing team and P3 Properties,” Goodman said in a statement. “Today’s corporations are focused on creating a work environment that attracts and retains talent long-term. Our ability to create a culture and vibe within the park … really set this asset apart in today’s work environment.”

Read more from ROI-NJ:

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