Morris Corporate Center III is part of the premier Class A office park in Parsippany, New Jersey. The property, situated at the highest point of the township, consists of four buildings, a 600 space parking deck and ample surface parking, all set on twenty-seven wooded acres. Tenants have access to sweeping 40,000 square foot floor plates with beautiful views, a 7,500 square foot fitness center, and a new café.
We immediately recognized the massive upside potential of this pristine asset, as it was only 62 percent leased and still profitable. We purchased the property from JP Morgan for $60 million in December of 2017.
We launched an aggressive marketing campaign aimed at achieving a rapid lease up to further stabilize the asset.
We renamed the property MCC BLUE, retained a new leasing team, updated all existing signage, and engaged the current tenants.
Our hard work resulted in 386,000 square feet in leases and renewals including a deal with international pharmaceutical giant TEVA, which chose MCC BLUE as its New Jersey headquarters. Currently MCC BLUE is 90 percent leased, a 28 percent increase during our first 6 months of ownership.