Morris Corporate Center IV in Parsippany — Courtesy: Newmark Knight Frank
By Joshua Burd
The owners of two office buildings totaling nearly 360,000 square feet in Parsippany have hired Newmark Knight Frank to oversee the sale of the complex, the brokerage team said.
In a news release, NKF said its New Jersey-based capital markets team was advising Intercontinental Real Estate Corp. and Ivy Realty on the sale of Morris Corporate Center IV. The buildings, located at 369-379 Interpace Parkway, are connected by a four-story glass atrium lobby and are part of a larger 3-million-square-foot office park off Interstate 80.
The NKF team of Executive Managing Director Kevin Welsh, Managing Director Brian Schulz and Executive Managing Director Steven Schultz are marketing the property, with Vice Chairman Jordy Roeschlaub providing financing options. NKF Vice Chairman and COO of New Jersey David Simson will lead the sale process to corporate buyers and provide market expertise and leasing guidance to investors.
They touted the offering as “an unmatched opportunity for an investor or corporate user to purchase a market-leading office property,” citing its architecture, Class A finishes, recent amenity upgrades and location at a four-way interchange at Exit 42B of I-80.
“We’re extremely excited to be marketing MCC IV as one of our first major assignments at NKF,” Welsh said. “The robust historical sales volume in Morris County demonstrates the liquidity of the investment market, providing clarity for the exit value and reinforces this exceptional opportunity to realize highly attractive returns over the hold period.”
NKF said the complex has the horizontal and vertical flexibility to accommodate full-floor, one-building or two-building users. They also touted its location near the nexus of Interstate 287.
“With very limited options for modern-generation work environments over 100,000 square feet, the property provides a user/buyer the opportunity to acquire and occupy a trophy-quality office property with the potential to establish its own culture and prominent brand identity while benefiting from significant long-term cost savings,” Simson said.
