Morris Corporate Center 1 and 2 in Parsippany — Courtesy: JLL
By Joshua Burd
An investment group has acquired a two-building, 550,000-square-foot office complex in Parsippany, adding to its footprint after having revitalized an adjacent property.
Brokers with JLL announced Monday that P3 Properties has closed on its purchase of Morris Corporate Center 1 and 2, which are located at 300 Interpace Parkway and 1 Upper Pond Road, respectively. The real estate services firm represented the seller, Brookwood Financial Partners LLC, in marketing the properties and procured the buyer.
Terms were not disclosed. P3 also owns the adjacent 541,000-square-foot complex known as MCCBLUE, formerly Morris Corporate Center III, which it acquired in late 2017 and subsequently rebranded as part of a major overhaul of the property.
“Great things are happening at Morris Corporate Center,” said Kevin O’Hearn, who is part of the JLL capital markets team. “MCC IV has been rebranded (now known as Latitude) and is currently being upgraded, which has already shown results in the recent signing of Sax LLP to a new lease, MCC III (now known as MCCBLUE) is fully occupied, including Teva’s new headquarters lease, and now Morris Corporate Center 1 & 2 is slated for a significant rebranding and upgrade, which will reposition it to better compete within the submarket.”
O’Hearn, a senior managing director, represented the seller alongside Senior Managing Director Jose Cruz, Director Mark Mahasky, senior directors Michael Oliver and Steve Simonelli and Associate Nick Stefans. The team also procured the buyer.
“The sale of MCC 1 & 2 shows the interest from local and regional buyers in New Jersey office and the upside they see in the asset class,” Cruz said.
Located within a 31-acre, master-planned campus, the Morris Corporate Center buildings are less than a mile from Interstate 80 and in close proximity to Route 46. Buildings 1 and 2 feature four full-height atrium lobbies, two full-service cafés, a 5,000-square-foot fitness center with locker rooms and a yoga studio, among other offerings.
The four-story properties are currently 67 percent leased to tenants including Zurich Insurance, York Risk Services, Ipsos, ICAP and Wallenius Wilhelmsen.
“In addition to the inherent beauty and defined amenities that these buildings have to offer, the property has many exceptionally attractive features throughout its expansive grounds,” said Harvey Rosenblatt, CEO of P3 Properties. “Our plan is to add even more amenities and expand the use of exterior spaces. With wellness currently at the forefront of many companies focus, we are well positioned to deliver on our pursuit of the ultimate work environment.”
Teva, P3 Properties complete 345,000 sq. ft. lease in Parsippany, JLL says