JLL closes sale of Class A office complex in Parsippany

By Emily Bader
Parsippany | Mar 17, 2020 at 4:30 am

JLL Capital Markets announced on Monday it has closed the sale of a 550,000-square-foot office complex in Parsippany.

JLL’s Jose Cruz, senior managing director; Kevin O’Hearn, senior managing director; Mark Mahasky, director; Michael Oliver, senior director; Steve Simonelli, senior director; and Nick Stefans, associate; represented the seller, Brookwood Financial Partners LLC, and procured the buyer, P3 Properties.

“Great things are happening at Morris Corporate Center – MCC IV has been rebranded (now known as Latitude) and is currently being upgraded, which has already shown results in the recent signing of Sax LLP to a new lease, MCC III (now known as MCC Blue) is fully occupied, including Teva’s new headquarters lease, and now Morris Corporate Center 1 & 2 is slated for a significant rebranding and upgrade, which will reposition it to better compete within the submarket,” O’Hearn said.

The properties are located within the Morris Corporate Center 1 & 2, a two-building Class A office complex at 300 Interpace Parkway and 1 Upper Pond Road. The 31-acre site is within close access to Interstate 80 and Route 46.

“The sale of MCC 1 & 2 shows the interest from local and regional buyers in New Jersey office and the upside they see in the asset class,” Cruz said.

The four-story buildings, which are currently 67% leased, feature four full-height atrium lobbies, two full-service cafes, a 5,000-square-foot fitness center with locker rooms and a yoga studio, two conference areas, covered and surface parking, a central pond, outdoor seating areas, and more.

“In addition to the inherent beauty and defined amenities that these buildings have to offer, the property has many exceptionally attractive features throughout its expansive grounds. Our plan is to add even more amenities and expand the use of exterior spaces. With wellness currently at the forefront of many companies focus, we are well positioned to deliver on our pursuit of the ultimate work environment,” Harvey Rosenblatt of P3 Properties said.

Emily Bader | ebader@roi-nj.com | @emilybader