The Grand at 300 Interpace Parkway and 1 Upper Pond Road in Parsippany — Courtesy: JLL
By Joshua Burd
The new owner of a prominent two-building, 550,000-square-foot office complex in Parsippany has picked Cushman & Wakefield as its leasing agent.
The real estate services firm announced Wednesday that’s its working on behalf of P3 Properties to market 225,000 square feet of available space at the campus, which spans 300 Interpace Parkway and 1 Upper Pond Road. P3 has rebranded the property, formerly known as Morris Corporate Center 1 and 2, as The Grand after acquiring the asset earlier this year.
“The Grand is an amenity-rich, headquarters-quality office campus in the heart of the most vibrant corporate and commercial corridor in Morris County,” said William O’Keefe, a member of the C&W leasing team. “P3 Properties is committed to investing in significant upgrades to reposition the complex and further distinguish it in the marketplace.”
O’Keefe is leading the assignment alongside Charles Parmelli, Bill Brown and Joseph Ratner of the firm’s Morristown office. They noted that the four-story complex is currently 67 percent leased to tenants including Zurich Insurance, York Risk Services, Ipsos, ICAP and Wallenius Wilhelmsen.
“The property has been completely reimagined by P3,” Parmelli said. “The lobbies are being redesigned and updated with a truly unique grand hospitality motif and character, focused on green themes. Renovations will also include enhanced wayfinding and a new unique tenant lounge where employees can shoot pool, play ping-pong or work in one of the breakout rooms.”
To help attract new tenants, P3 is planning a new outdoor dining terrace and waterside deck called The Grove that will connect via a walking bridge to a new pergola on the opposite side of the existing pond.
“This new feature is unlike anything we have seen in the marketplace activating outside meeting and work areas including plug-in capability that truly serves to make the outside spaces an integral part of the tenant experience at The Grand,” Parmelli added.
C&W also noted that P3 will reactivate 1.5 miles of existing walking paths through the installation of an exercise circuit with chin-up bars, bench dip, sit-up and push-up stations, allowing tenants to enjoy an outdoor workout. The campus already has private terraces and a host of amenities such as two full-service cafés, a 5,000-square-foot fitness center and yoga studio with lockers and showers.
The owner and leasing team are hoping to capitalize on a location less than a mile from Interstate 80, Route 46 and Route 202 and a mile and a half from Interstate 287.