PARSIPPANY — CBRE Group Inc., New Jersey’s largest commercial real estate brokerage firm, announced today that it has arranged long-term lease renewals for key tenants EBS Dealing Resources, Inc.,
an ICAP Group company, and Ipsos America LLC. at Morris Corporate Center 1&2, the six-pod office campus at 1 Upper Pond Road and 300 Interpace Parkway.
ICAP will be renewing its 21,000-square-foot lease for an 11-year term, while Ipsos will be renewing its 28,000-sq.-ft. lease for a five-year term.
The CBRE team of Leo Paytas and Greg Barkan, senior vice presidents; Garrett Rioux, senior associate; and Erin Wenzler, client services specialist, lead marketing and leasing efforts at Morris Corporate Center 1&2 and secured the two lease renewals on behalf of the property’s owner, an affiliate of Brookwood Financial Partners, LLC. In addition, the CBRE team of Neil Kurtz, managing director; Helen Samuelson, director of asset services, and Ria Di Popolo, senior manager, oversee management of the office campus.
“Through these transactions, we were able to strengthen the existing relationship between CBRE, Brookwood and two vital campus tenants, ICAP and Ipsos,” said Mr. Paytas. “Since acquiring the property earlier last year, Brookwood has demonstrated its commitment to maintaining Morris Corporate Center’s trophy status in the Parsippany market. Both tenants are confident that the property will continue to meet their individual business needs, especially in light of the significant planned capital improvements.”
Brookwood has announced that it will invest approximately $3 million in capital improvements to the property, which it expects will be completed in mid-2015. The improvements, which will be led by Kimmerle Newman, will include renovations to the two existing full-service cafeterias in Buildings 1 and 2; renovations to the existing fitness center in Building 1, and the creation of a new conference center in Building 2.
“The primary purpose of the planned capital improvements is to create a comprehensive amenity package for tenants that will meet the evolving needs of today’s corporate user,” said Mr. Barkan. “Companies are increasingly focused on offering employees an environment where they can ‘work, eat and play’ within their immediate surroundings. Once the renovations at Morris Corporate Center are complete, employees will have access to full-service cafeterias, a state-of-the-art fitness center and a modern conference space directly onsite.”
The Morris Corporate Center 1&2 campus consists of 521,000 total sq. ft. and offers superb access and high visibility for corporate tenants. The complex is located just one mile from the four-way interchange of interstate routes 80 and 287 and offers easy access to routes 46 and 202. The office park itself provides the quality and features that are fully consistent with a true corporate headquarters environment and its onsite property management ensures superb maintenance and immediately accessible building staff.
CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
About Brookwood Financial Partners – Brookwood is a Massachusetts-based private investment firm founded in 1993 that specializes in acquiring and managing commercial real estate and corporate securities on behalf of a select group of institutional and high net worth investors, family offices and trusts. Since its inception, Brookwood has invested over $640 million of equity to acquire a portfolio of 142 assets with a realized and unrealized value in excess of $1.7 billion that has spanned multiple asset classes, geographical markets and industries across the United States.”