P3 Properties Buys Additional Parsippany Office Space

April 13, 2020
Joe Schwartz

PARSIPPANY, NJ—P3 Properties of Bloomfield, NJ has added approximately 550,000 square feet of office space to its portfolio with the purchase of Morris Corporate Center 1 and 2 here.

The firm purchased the two-building Class A office complex from an affiliate of Brookwood Financial Partners, LLC, according to JLL, which represented the seller and procured the buyer in the transaction. 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.

No financial terms of the transaction were disclosed. 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 properties are located at 300 Interpace Parkway and 1 Upper Pond Road within the larger Morris Corporate Center master planned development in Parsippany. 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.

“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.

Harvey Rosenblatt of P3 Properties, adds that the company plans to add 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,” he says.