240 Cedar Knolls Road in Cedar Knolls — Courtesy: JLL
By Joshua Burd
A medical communications firm has signed a five-year lease extension at a Morris County office building, in one of two newly announced transactions by JLL.
The tenant, p-value communications, will occupy 10,739 square feet as part of its reconfigured space at 240 Cedar Knolls Road, a 119,587-square-foot property in the Cedar Knolls section of Hanover Township. The deal follows a series of upgrades at the four-story building by Highstone Equity Group, its owner since fall 2018.
JLL Executive Managing Director Frank Recine and Vice President Colleen Maguire represented the landlord in the deal with p-value communications and in a separate lease with GLT Construction. The latter is taking 3,404 square feet and is relocating its New Jersey office to the building from Parsippany.
“These transactions demonstrate the leasing momentum for superior-quality assets with best-in-class ownership,” Maguire said. “Highstone Equity Group has positioned 240 Cedar Knolls to accommodate the needs of new and existing tenants seeking to provide a collaborative environment for tenants.”
Recine and Associate Vice President Nicolas DeCotiis represented GLT Construction in its lease, while JLL Senior Vice President Chris Conklin and Brokerage Coordinator Maria Casaliggi represented p-value communications.
“It is a pleasure to maintain p-value communications as a tenant and welcome GLT Construction to a property that provides a leading tenant experience,” said Elazar Hamel, founder and managing partner of Highstone Equity Group. “240 Cedar Knolls Road is an ideally located property with a package of amenities that distinguishes it among the Class A offerings in the market.”
The tenants are the latest at the property, which sits within the Cedar Knolls Corporate Center and is easily accessible from routes 10 and 24 and interstates 287 and 80. It also sits on 14 acres of landscaped grounds and has recently upgraded amenities such as a full-service café, a fitness center with lockers and showers and a conference center.
“Both the p-value communications restructure and GTL lease needed to be negotiated and executed simultaneously in order to accommodate the space,” Recine said. “It was a pleasure working with all parties involved. There was a real concerted effort to get it completed in a short timeframe.”
