The former Morris Corporate Center III in Parsippany, which has since been rebranded as MCCBLUE — Courtesy: JLL
By Joshua Burd
The new owner of Morris Corporate Center III is set to rebrand the property, having hired JLL to market and lease the 541,000-square-foot office complex.
P3 Properties and JLL announced Monday that the campus, located at 400 Interpace Parkway in Parsippany, has been renamed MCCBLUE. The JLL team overseeing the leasing assignment include Frank D. Recine, executive managing director; Timothy Greiner, executive managing director and head of JLL agency leasing in New Jersey; Blake Goodman, executive vice president; and Fred Hyatt, senior vice president.
The team will work closely with P3 Properties CEO Harvey Rosenblatt and Shades Design & Marketing to develop the marketing and rebranding initiative for the four-building campus.
“We’re excited to work with P3 Properties on marketing and leasing the available space at the complex,” Recine said in a prepared statement. “P3 is set to unveil its unique vision for the marketing, rebranding and renovation of MCC III. The property is already one of the highest-quality office complexes in Morris County and Harvey’s vision will only elevate the asset further.
“P3 Properties is focusing its energy and capital on creating an experience and environment to help employers attract key talent.”
The assignment comes about three weeks after P3 announced its purchase of Morris Corporate Center III from J.P. Morgan Asset Management for a reported $60 million. The complex, located near the intersection of interstates 80 and 287, is 62 percent leased to four tenants.
P3 has kicked off a similar rebranding effort at Broadacres Office Park in Bloomfield, where it is headquartered, after acquiring the 380,000-square-foot campus early last year.
“P3 Properties understands what is important to today’s discerning tenants, and that one of their primary site selection criteria is an exceptional environment for their employees and visitors,” Greiner said. “Brokers will find that P3 Properties brings an enhanced level of service and responsiveness to both the brokerage community and to their clients. We are excited to partner with Harvey in the execution of his vision at what is soon to be known as MCCBLUE.”
Existing tenants at the Parsippany complex include TEVA Pharmaceuticals and Ogilvy CommonHealth Worldwide. The overall tenant roster has an average remaining lease term of more than six years, while the complex’s previous ownership completed a multimillion-dollar capital improvement program.
“We viewed the acquisition of MCCBLUE as a terrific investment with a great deal of potential,” Rosenblatt said. “Our team at P3 has worked many months to develop and create an identity and branding overhaul for MCC III. Frank, Tim, Blake and Fred were crucial to our efforts, providing many creative suggestions to improve our plans.”
Previous upgrades at the property include new white reflective roofs, mechanical improvements, a fiber-optic backbone to support a campus-wide energy management system and a renovated four-story atrium with energy-efficient LED, light-emitting diode lighting. The previous owners also added a new fitness center, electric vehicle charging station, upgrades to the café server area and common areas.