JLL arranges $59.975M financing of Morris Corporate Center
Class A office assets well-positioned in the Parsippany submarket of New Jersey
MORRISTOWN, N.J., April 22, 2020 – JLL Capital Markets announced today that it has arranged $59.975 million in financing for Morris Corporate Center 1 & 2, a two-building, Class A office complex totaling 550,000 square feet in Parsippany, New Jersey.
Working on behalf of the borrower, P3 Properties, JLL placed a four-year, floating-rate acquisition bridge loan through Bridge Investment Group.
The properties are located at 300 Interpace Parkway and 1 Upper Pond Road within the larger Morris Corporate Center master planned development in the Parsippany submarket of New Jersey. The 31-acre site is less than a mile from Interstate 80 and in close proximity to Route 46. Morris Corporate Center 1 & 2 features four full-height atrium lobbies, two full-service cafes, a 5,000-square-foot fitness center with locker rooms and a yoga studio, two conference areas including an executive boardroom, covered and surface parking and a central pond with trellis seating areas and walking path. The four-story properties are currently 67% leased to a variety of tenants including Zurich Insurance, York Risk Services, Ipsos, ICAP and Wallenius Wilhelmsen.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Greg Nalbandian and associate Andrew Zilenziger.
“This value-add bridge loan was closed just before the impact of the Covid-19 crisis became widespread,” Nalbandian stated. “Bridge distinguished themselves from the onset and executed flawlessly, providing P3 with a very attractive rate at 80% LTC with a future funding facility on a non-recourse basis.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About P3 Properties
P3 Properties (P3) is a privately held commercial real estate acquisition firm with a concentration on office space. Through P3 Properties’ management arm, Blue Property Management (BPM), P3 has become a leading innovator for fostering robust and energetic professional work communities. Together they operate under the mantra of being “always in the pursuit to achieve the ultimate work environment”. www.wearep3.com