Columbia Pacific Advisors has retained Mancini Duffy to design a renovation plan for 101 and 103 John F. Kennedy Parkway in Short Hills. — Courtesy: JLL
By Joshua Burd
An investment manager has taken ownership of two well-known office buildings in the Short Hills section of Millburn, having tapped JLL as its leasing team for the properties.
The Seattle-based firm, Columbia Pacific Advisors, has also retained Mancini Duffy to design a renovation plan for the 320,196-square-foot portfolio at 101 and 103 John F. Kennedy Parkway. Both buildings are among the most prominent in the Short Hills submarket, with a location directly opposite The Mall at Short Hills, providing what JLL said is a prime opportunity just off Route 24 and minutes from other major highways.
The larger building, 101 JFK Parkway, is a six-story, 197,196-square-foot structure anchored by Franklin Mutual insurance company, Citizens Bank, Citibank, global law firm Dentons and Virtu Financial, which recently signed a long-term renewal for the entire sixth floor. Meantime, 103 JFK Parkway is a fully vacant, 123,000-square-foot property that previously was home to financial services company Dun & Bradstreet.
“101 and 103 JFK Parkway have a strong legacy as iconic suburban offices and we have a tremendous opportunity to leverage that past success as the office market in general undergoes tremendous transformation,” CPA’s Will Nelson said. “We look forward to working with JLL to reintroduce the properties to tenants seeking aspirational office space in a prime location.”
JLL Executive Vice President Dan Ligorner, Executive Managing Director Tim Greiner and Vice President Mike Pietrowicz are now preparing to market the remaining 34,640 square feet at 101 JFK Parkway. At 103 JFK — which has a four-story lobby, a full-service cafe, an auditorium, garage parking and panoramic views of the Canoe Brook Reservoir — the team is pitching the opportunity for a single or large tenant to brand the building in a highly visible location that has quick access to Interstate 78, the Garden State Parkway and the New Jersey Turnpike.
“We are excited to share Mancini Duffy’s early renderings, which showcase the opportunity here to customize a prime office property for a single user under well capitalized new ownership,” Ligorner said. “101 and 103 JFK Pkwy. are ideally located in a thriving corner of the state where corporate America lives side by side with suburbia, and we look forward to working with ownership and the brokerage community to breathe new life into this established hub.”
JLL noted that Short Hills offers a 30-minute train ride to Manhattan and is home to the regional and corporate offices of several banks and financial institutions. Millburn is also known for its open and recreation space, highly rated school system and a highly educated workforce, plus a location 15 minutes from Newark Liberty International Airport.
