Morris Corporate Center 1 and 2 — Courtesy: HFF
By Joshua Burd
A well-known office complex in Parsippany is on the market for sale, brokers with HFF said, touting the chance to make additional upgrades and lease up more than 180,000 square feet.
The capital markets firm is representing the seller of Morris Corporate Center 1 and 2, which totals 543,766 square feet on nearly 31 acres. Located less than two miles from interstates 287 and 80, the complex is part of the master-planned Morris Corporate Center campus and encompasses 300 Interpace Parkway and 1 Upper Pond Road.
The two buildings are 67 percent leased, having recorded more than 170,000 square feet of new leases or renewals since 2017 with tenants such as Zurich North America and Kia Motors.
“With over $2.3 million of capital improvements already completed, the property is primed for an investor to continue its repositioning, implement a rebranding campaign and refocus leasing efforts to identify tenants looking for a dynamic work environment. In addition, MCC1 & 2 will also benefit from Parsippany’s evolving area amenities and increased labor pool from the large influx of new high-end retail and luxury apartment developments in Parsippany.”
Projected pricing for the complex is around $75 million.
HFF also highlighted the recent efforts to reposition the other components of Morris Corporate Center. P3 Properties has upgraded and rebranded the former Morris Corporate Center III as MCCBLUE, inking a 345,000-square-foot lease with Teva Pharmaceuticals last year, while Vision Real Estate Partners and Rubenstein Partners are transforming the former Morris Corporate Center IV into what’s now known as Latitude.
The HFF team that is marketing Morris Corporate Center 1 and 2 includes Jose Cruz, Kevin O’Hearn, Mark Mahasky, Stephen Simonelli, Michael Oliver and Nicholas Stefans. Greg Nalbandian is heading the financing effort.