One Jefferson Road in Parsippany — Courtesy: JLL
By Joshua Burd
Signature Acquisitions has acquired its third building in a well-known office campus in Parsippany, adding more than 100,000 square feet under a sale arranged by JLL.
The brokerage team, which represented Office Properties Income Trust in the deal, noted that One Jefferson Road is currently fully occupied by Day Pitney LLP but will be vacant at the end of the law firm’s lease term later this year. That gives Signature a blank slate as it weighs the future of the three-story, 100,010-square-foot building at the junction of interstates 80 and 287 and Route 46, part of the four-building complex known as The Center of Morris County.
JLL’s Jose Cruz, Jeremy Neuer, Ryan Robertson and Bradley Wachenfeld spearheaded the sale and procured the buyer. Terms were not disclosed.
“Signature has a vision for the future of The Center of Morris and One Jefferson is a crucial piece of the puzzle,” said Neuer, a senior managing director with JLL’s Morristown-based capital markets team. “We are excited to see how the park continues to evolve.”
In a news release, the firm said One Jefferson Road was built in 2009 and sits on a 8.49-acre site. The property has modern finishes, flexible floorplates, a full-service cafeteria and an outdoor park with walking trails.
JLL also brokered the sales of 100 and 300 Kimball Drive to Signature in 2019 and 2022, respectively. The former spans 175,000 square feet, while the latter measures 400,000 square feet.
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