Cushman & Wakefield to Lease 550 KSF New Jersey Office Park
- Jul 16, 2020
P3 Properties has selected Cushman & Wakefield to exclusively lead the leasing efforts for Morris Corporate Center 1 and 2, a 550,000-square-foot Class A office property. The brokerage team will include Executive Director Bill Brown, Managing Director William O’Keefe, Director Charles Parmelli and Associate Joseph Ratner.
Located on 31 acres at 300 Interpace Parkway and 1 Upper Pond Road, the two buildings were completed in 1986. The asset is 67 percent leased to a diverse tenant mix including Ipsos, Wallenius Wilhelmsen, York Risk Services and Zurich Insurance. The property has 225,000 square feet of available space. Amenities include a 5,000-square-foot gym, two cafés and conference rooms.
In March, P3 Properties acquired the asset for $58.5 million from Brookwood Financial Partners. JLL represented the seller and subsequently secured a $60 million financing package for the buyer. The owner renamed the property The Grand and is executing a capital improvement plan, which calls for the addition of a dining terrace and the installation of outdoor exercise equipment. The buildings were previously upgraded in 2000, 2009 and 2015, Yardi Matrix shows.