MCCBLUE at 400 Interpace Pkwy. in Parsippany — Courtesy: JLL
By Joshua Burd
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. The Israel-based generics maker will move its U.S. headquarters to the complex from Pennsylvania as part of a previously announced plan that involves a 10-year, $40 million tax credit package from the state.
The JLL team representing P3 included Frank D. Recine, executive managing director; Timothy Greiner, executive managing director and head of JLL agency leasing in New Jersey; Blake Goodman, executive vice president; and Fred Hyatt, senior vice president. Cushman & Wakefield Managing Director Dan Johnsen represented Teva.
Recine said the high-profile deal is the culmination of six months of work between JLL and Harvey Rosenblatt, the CEO of P3, whose firm acquired the former Morris Corporate Center III late last year. P3 subsequently launched a multimillion-dollar rebrand and upgrade of the 541,000-square-foot, four-building campus.
“Harvey’s vision has created an exceptional environment at the office building for tenants, their employees and visitors,” Recine said. “Teva Pharmaceuticals’ relocation to Parsippany will bring tremendous economic benefits to the surrounding communities as well as the entire state.”
The state Economic Development Authority has said that Teva, which is restructuring and consolidating its footprint, pledged to bring 843 new jobs to New Jersey and preserve 232 positions that are already in Parsippany. The company had considered an alternative site about 25 miles from its current headquarters in North Wales, Pennsylvania.
Teva has now inked a 12-year lease and will occupy the entire Building A and a majority of buildings B and D at MCCBLUE, JLL said.
“A major factor to our success has been the ‘out-of-the-box’ thinking and partnership between our leasing team and P3 Properties,” Goodman said. “Today’s corporations are focused on creating a work environment that attracts and retains talent long term. Our ability to create a culture and vibe within the park through interesting signage, a management staff trained to look through a hospitality lense, pop up events and apps that haven’t even hit the street yet, really set this asset apart in today’s work environment.”
Rosenblatt was equally complimentary in discussing the marketing effort.
“Our team at P3 has been very successful at developing and creating an identity and branding overhaul for MCC III,” he said. “Frank, Tim, Blake and Fred were crucial to our efforts, completing a number of transactions in just a few months and stabilizing the property in record time. This is by far the largest office lease signed in New Jersey so far this year.”
P3 and JLL also announced the completion of several other leases at MCCBLUE.
- Curtiss-Wright Corp. signed a 10-year lease for 15,442 square feet. Benjamin Brenner, managing director with Cushman & Wakefield, represented the global product manufacturer and service provider.
- Lee Hecht Harrison inked a five-year lease for 5,149 square feet. C&W Senior Associate Brandon DeGraff represented the talent development and transition company.
- Pharmaceutical Associates Inc. completed a three-year lease for 3,033 square feet. Thomas Semler, senior vice president with Weichert Commercial Brokerage Inc., represented the manufacturer of generic liquid pharmaceuticals.
- Signet Financial Management LLC signed a five-year lease for 2,528 square feet. Daniel Whitehead, vice president with Resource Realty of Northern New Jersey, represented the wealth management firm.
The tenants will benefit from a location that is less than a mile from Exit 42B of Interstate 80 and can be accessed via Cherry Hill Road to Interpace Parkway from the east and from Route 46 via Walsh Drive from the north. JLL noted that the complex’s previous owners completed millions of dollars in improvements that included new white reflective roofs, HVAC upgrades and a fiber-optic backbone to support a campus-wide energy management system, among others.