STRS Sells 529 KSF Office Property in Parsippany, NJ to Brookwood
- May 08, 2014
STRS Ohio has sold Morris Corporate Center 1 & 2, a 529,362-foot trophy office property in Parsippany, NJ to Brookwood Financial Partners.
CBRE represented both the buyer and the seller in the transaction, and has been re-selected as the exclusive leasing agent and property manager at the facilities. CBRE’s NY Institutional Group closed for STRS, while CBRE’s James Gunning (New Jersey) and Charles Foschini (Miami) procured the buyer, a CBRE spokesperson told Commercial Property Executive.
Morris Corporate Center 1 & 2 is comprised of two four-story buildings built on 31 acres of the 182-acre Morris Corporate Center campus filled with preserved woodlands, jogging trails, ponds and a waterfall. Parsippany serves as the urban hub for nearby suburban towns such as Whippany, Livingston, Wayne, Cedar Grove and Verona. The office campus is location near all of the major highways, including I-80, Route 46 and Route 202, and is two miles form I-287.
A diverse number of global investment-grade companies are currently tenants at the building, including Zurich Insurance, Medtronic, RalCorp, ICAP and Farmers Insurance.
STRS owned the building for more than 13 years and decided to strategically reemploy its capital into a different property type. Brookwood was the most qualified buyer and had the experience and capital needed, Kevin Welsh, senior vice president at CBRE told CPE.
“Brookwood has a fund that focuses in on very high-quality value office transactions and this opportunity was a perfect fit. The property offers high-quality real estate and a significant upside and Brookwood plans to effectively reposition the property through its capital. It’s hard to find this type of real estate,” said Welsh. “The deal also demonstrates that Brookwood really believes in the Parsippany office market and the suburban office market in general. It’s a true testimony of investors coming back into the office market and the market’s giant potential. This is an inflection point that demonstrates restored confidence in the market.”
Brookwood will update/refresh the exterior and interior signage, common areas lobbies, restrooms, fitness and conference centers, the cafes, elevators, parking lot, and make extensive landscaping improvements, Welsh added.