Headquarters Plaza in Morristown — Courtesy: Colliers International
By Joshua Burd
A financial services firm has renewed the lease at its longtime home in Headquarters Plaza in Morristown, where it occupies 33,000 square feet across two full floors.
The tenant, Duff & Phelps, recommitted to the 571,000-square-foot property after weighing its options in the market, according to Colliers International brokers who were involved in the deal. The real estate services firm represented the company in conjunction with JLM Partners.
“This renewal followed a methodical process in which we carefully examined alternatives within the larger Morris County market,” Colliers’ Richard Mirliss said. “Ultimately, Morristown’s (central business district) amenities — from restaurants and shopping to mass transit — are a major driver in the firm’s ability to attract and retain talent.”
Mirliss joined Richard J. Madison, Alex Vitro and Jack Callahan of Colliers’ Parsippany office on the assignment, along with Dan Arends and David Burden from the firm’s Chicago team. Jim McCormick with Washington, D.C.-based JLM Partners also represented the tenant.
The brokers pointed to Headquarters Plaza’s full-service Hyatt Regency Hotel, a 35,000-square-foot fitness center, a 10-screen movie theater and on-site, covered parking. And Mirliss said the lack of available big-block space in Morristown continues to present a supply and demand challenge.
“Based on Duff & Phelps’ current and anticipated needs, it really proved to be the best fit for today and can also accommodate future expansion,” Mirliss said.
Robert Donnelly Jr. and Ben Brenner of Cushman & Wakefield represented the Olnick Organization and Fisher Development Associates, which own Headquarters Plaza.
