Morris Corporate Center 1 and 2 at 300 Interpace Parkway and 1 Upper Pond Road in Parsippany — Courtesy: JLL
By Joshua Burd
The buyer of a two-building, 550,000-square-foot office complex in Parsippany has secured nearly $60 million in financing, under a newly announced transaction by JLL.
Brokers with the firm represented P3 Properties in sourcing the funds for the recently acquired Morris Corporate Center 1 and 2, which are located at 300 Interpace Parkway and 1 Upper Pond Road, respectively. Bridge Investment Group is providing the four-year, floating-rate acquisition bridge loan, which totals $59.975 million.
“This value-add bridge loan was closed just before the impact of the COVID-19 crisis became widespread,” said JLL’s Greg Nalbandian, who completed the assignment alongside fellow Senior Managing Director Andrew Zilenziger. “Bridge distinguished themselves from the onset and executed flawlessly, providing P3 with a very attractive rate at 80 percent LTC with a future funding facility on a non-recourse basis.”
News of the financing comes a month after JLL announced that P3 Properties had acquired the two well-known office buildings, which are part of the larger master-planned Morris Corporate Center development in Parsippany. 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.
Its newest acquisition, made up of two four-story properties, is 67 percent leased to tenants including Zurich Insurance, York Risk Services, Ipsos, ICAP and Wallenius Wilhelmsen, JLL said. The 31-acre site is less than a mile from Interstate 80 and close to Route 46, featuring two full-service cafes, a 5,000-square-foot fitness center with locker rooms and a yoga studio, two conference areas, covered and surface parking and a central pond with trellis seating areas and walking path.