P3 Properties Inks NJ’s Largest Lease of 2018
- Jul 25, 2018
P3 Properties has signed a 345,000-square-foot, 12-year lease with Teva Pharmaceuticals USA Inc. at MCCBLUE in Parsippany, N.J. The pharmaceutical company will relocate one of its units to the four-building office complex from 1090 Horsham Road in North Wales, Penn., taking over the campus’ entire Building A and the larger part of Buildings B and D.
MCCBLUE is a 541,000-square-foot office park built in 1988 and formerly known as Morris Corporate Center III. Its buildings are connected via an atrium, while the property features landscaped surroundings, a three-story parking garage, as well as plenty of surface parking.
The Class A asset underwent a multimillion-dollar renovation which resulted in new roofs, improved HVAC, fiber optics for energy management, renovated atrium with energy-efficient LED lighting, new fitness center, electric vehicle charging station and upgraded café. The property sits on 182 acres at 400 Interpace Parkway, near multiple major thoroughfares such as Exit 42B of Interstate 80, Cherry Hill Road and Route 46.
Smart leasing strategy = no vacancy
The office campus is home to a diverse roster of tenants from the pharmaceutical, communications, marketing and other professional services sectors The most recent companies to join the campus were Curtiss-Wright Corp., Lee Hecht Harrison, Pharmaceutical Associates Inc. and Signet Financial Management. JLL has been very active in the Parsippany market and brokered all the lease transactions above.
A JLL team comprising Executive Managing Director Frank Recine, Executive Managing Director & Head of Agency Leasing Timothy Greiner, Executive Vice President Blake Goodman and Senior Vice President Fred Hyatt represented the landlord in the transaction. Cushman & Wakefield Managing Director Dan Johnsen acted on behalf of the tenant.
“In just six months, JLL, working closely with Harvey Rosenblatt, CEO of P3 Properties, has been able to fill the available space at MCCBLUE,” Recine said in a prepared statement. “Harvey’s vision has created an exceptional environment at the office building for tenants, their employees and visitors. Teva Pharmaceuticals’ relocation to Parsippany will bring tremendous economic benefits to the surrounding communities, as well as the entire state.”
Image courtesy of Yardi Matrix