Mount Kemble Corporate Center, a two-building complex at 350 and 360 Mount Kemble Ave. in Morris Township — Courtesy: CBRE
By Joshua Burd
Four tenants have combined to lease nearly 40,000 square feet at an office complex near downtown Morristown, bringing the property to nearly full occupancy.
Brokers with CBRE announced the new transactions at Mount Kemble Corporate Center, a two-building complex at 350 and 360 Mount Kemble Ave. in Morris Township. The largest among them was a 16,970-square-foot commitment by NFP Property & Casualty, which is relocating from Florham Park.
CBRE’s Daniel Casey and Greg Barkan represented ownership, a joint venture of The Birch Group and Vision Properties, as the complex’s exclusive leasing agents. Jeffrey Babikian and Conor Dolan, also of CBRE, represented the tenant.
The firm also announced that technology company Avaya committed to an additional 11,161 square feet at the property, expanding beyond its previous space of 36,937 square feet. Robert Donnelly Jr. of Cushman & Wakefield represented the tenant.
Meantime, Lord, Abbett & Co. LLC leased 7,817 square feet, which it will use for a disaster recovery center, CBRE said. Timothy Greiner and Craig Eisenhardt of JLL negotiated the lease on behalf of the investment management firm.
Under the fourth lease, 1792 Wealth Advisors LLC took 3,884 square feet of space that was fully furnished and move-in ready, which provided substantial savings for the firm. Michael Marchese of Chilmark Real Estate Services represented the tenant.
The complex is now 97 percent occupied, CBRE said. The activity follows a series of improvements at the property, which The Birch Group and Vision Properties acquired in 2018 when it was 81 percent leased.
“The success achieved at Mount Kemble Corporate Center is due to Vision Properties’ longstanding experience and deep understanding of trends in the New Jersey submarkets,” said David Milewski, an asset manager with Vision Properties who spearheaded the upgrades. “We focus on the ever-changing needs of existing and prospective tenants and build our strategy around how the asset can uniquely accommodate those needs. Our team was successful in identifying the distinct qualities of the asset and effectively activating those qualities to differentiate the asset against its competitive set and drive leasing velocity.”
Those improvements included updating the cafeteria and fitness center and creating an on-site, 55-seat conferencing and training center, along with upgrades to the lobby and the exterior.
“Mount Kemble Corporate Center is ideally located in one of the Garden State’s most desirable and affluent markets,” said Casey, a first vice president with CBRE. “Given its proximity to downtown Morristown, a highly sought-after live-work-play destination, and New Jersey Transit Commuter Rail and bus services to New York City, we continue to see tremendous demand by major office users.”