JLL closes sale of 550,000 SF Parsippany office complex
Morris Corporate Center 1 & 2 is a trophy asset in a premier Northern New Jersey location
MORRISTOWN, N.J., March 16, 2020 – JLL Capital Markets announced today that it has closed the sale of Morris Corporate Center 1 & 2, a two-building, Class A office complex totaling 550,000 square feet in Parsippany, New Jersey.
JLL represented the seller, an affiliate of Brookwood Financial Partners, LLC, and procured the buyer, P3 Properties.
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.
“Great things are happening at Morris Corporate Center – MCC IV has been rebranded (now known as Latitude) and is currently being upgraded, which has already shown results in the recent signing of Sax LLP to a new lease, MCC III (now known as MCC Blue) is fully occupied, including Teva’s new headquarters lease, and now Morris Corporate Center 1 & 2 is slated for a significant rebranding and upgrade, which will reposition it to better compete within the submarket,” O’Hearn stated.
“The sale of MCC 1 & 2 shows the interest from local and regional buyers in New Jersey office and the upside they see in the asset class,” added Cruz.
"In addition to the inherent beauty and defined amenities that these buildings have to offer, the property has many exceptionally attractive features throughout its expansive grounds. Our plan is to add even more amenities and expand the use of exterior spaces. With wellness currently at the forefront of many companies focus, we are well positioned to deliver on our pursuit of the ultimate work environment,” stated Harvey Rosenblatt of P3 Properties.
The JLL Capital Markets team representing the seller included Senior Managing Directors Jose Cruz and Kevin O’Hearn, Director Mark Mahasky, Senior Directors Michael Oliver and Steve Simonelli and Associate Nick Stefans.
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.
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 Brookwood Financial Partners LLC
Brookwood is a nationally-recognized private equity real estate investment firm that specializes in acquiring and managing value-add commercial real estate and other real estate-related operating businesses. Since its founding in 1993, Brookwood has invested over $1.8 billion of equity to acquire a portfolio of 200 commercial real estate properties, seven operating companies, and 452 gas stations with convenience stores, with a total capitalization of over $3.4 billion. The portfolio has spanned multiple asset classes, geographical markets, and industries throughout the United States. brookwoodfinancial.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”. wearep3.com