Brookwood Financial Affiliate Sells New Jersey Office Asset
- Mar 17, 2020
An affiliate of Brookwood Financial Partners has sold Morris Corporate Center I and II, two office buildings in Parsippany, N.J., totaling 550,000 square feet. P3 Properties acquired the Class A property. According to Yardi Matrix data, the asset had last traded in 2014, when Brookwood paid $82.4 million to State Teachers Retirement System of Ohio for it. JLL represented the seller and procured the buyer in the current deal.
The three- and four-story buildings are located at 300 Interpace Parkway and 1 Upper Pond Road, within a 182-acre master-planned office development. The properties feature 88,000-square-foot floorplates and such amenities as two cafes, a 5,000-square-foot fitness center and two conference areas. The buyer intends to improve the property by adding new amenities and expanding the use of outdoor spaces, according to CEO Harvey Rosenblatt.
Completed in 1986, Morris Corporate Center I and II most recently underwent cosmetic renovation in 2015, according to Yardi Matrix. The properties were 67 percent leased at the time of sale, with Zurich Insurance, York Risk Services, Ipsos and ICAP on the tenant roster.
Located some 3 miles northwest of the city center, the 31-acre site is less than 1 mile north of Interstate 80. The immediate area holds several hotels and Morris Hill Shopping Center is 2 miles east. The asset is also roughly 3 miles northwest of a 330,000-square-foot office building that changed hands in December, with JLL securing the financing.
JLL Senior Managing Directors Jose Cruz and Kevin O’Hearn, Director Mark Mahasky, Senior Directors Michael Oliver and Steve Simonelli, together with Associate Nick Stefans, were part of the Capital Markets team assisting the seller in the disposition.