1 Gatehall Drive in Parsippany — Courtesy: Cushman & Wakefield
By Joshua Burd
A colocation, managed hosting and cloud service provider has renewed its 3,300-square-foot office lease in Parsippany, brokers with Lee & Associates New Jersey announced.
The tenant, Colotraq, will remain at 1 Gatehall Drive for at least another five years and four months under the terms of the deal with Gatehall Equity LLC. Lee & Associates New Jersey’s Suzanne Kiall, its director and managing broker of Morris County, represented the occupier, while Rick Genthe and Robert E. Lee of Lincoln Property Co. represented ownership.
“I first represented Colotraq in 1999, and I’m thrilled to have facilitated their lease renewal at this value-add office space at 1 Gatehall Drive,” Kiall said. “The landlord is providing several upgrades and improvements. Amid COVID-19, this deal reflects an optimistic and encouraging outlook for the northern New Jersey office leasing market.”
Colotraq occupies the second floor of the four-story, 114,000-square-foot building, which was built in 1985 and renovated in 2020. Its new owners, who purchased the complex last fall, installed new common area lighting and completed other upgrades, seeking to capitalize on its location near Route 202 and interstates 80 and 287.
