A joint venture has sold a majority interest in a Parsippany office building, following upgrades at the property that helped lure a pharmaceutical company’s U.S. headquarters in 2018.
Landlords that have renovated and refreshed New Jersey’s aging office stock can now point to the benefits, with a new report showing significantly stronger absorption and rent growth at upgraded buildings.
New Jersey’s office market is riding high from a series of blockbuster leases over the summer, recording its highest quarterly increase in net absorption in two years.
New Jersey’s largest office lease of the year to date is official. Brokers with JLL this week announced the completion of Teva Pharmaceuticals USA Inc.’s 345,000-square-foot lease at 400 Interpace Pkwy. in Parsippany, known as MCCBLUE, under a deal with P3 Properties.
Teva Pharmaceuticals will move its U.S. headquarters to Parsippany from Pennsylvania, Gov. Phil Murphy said Thursday, bringing nearly 850 jobs and a commitment to occupy nearly 350,000 square feet.
Despite new blocks of space hitting the market, New Jersey saw a long-overdue surge of large office leases in the second quarter — with signs that more are on the way.
The state has approved a 10-year, $40 million tax credit package to encourage Teva Pharmaceuticals to move its U.S. headquarters from Pennsylvania to Parsippany, where it would lease more than 345,000 square feet to house more than 1,000 employees.
The new owner of Morris Corporate Center III is set to rebrand the property, having hired JLL to market and lease the 541,000-square-foot office complex.
