PARSIPPANY — JLL Capital Markets announced that it has arranged $59.975 million in financing for Morris Corporate Center 1 & 2, a two-building, Class A office complex totaling 550,000 square feet.
Working on behalf of the borrower, P3 Properties, JLL placed a four-year, floating-rate acquisition bridge loan through Bridge Investment Group. P3 Properties purchased Morris Corporate 1 & 2 on March 16.
The properties are located at 300 Interpace Parkway and 1 Upper Pond Road within the larger Morris Corporate Center master-planned development in the Parsippany submarket of New Jersey. The 31-acre site is less than a mile from Interstate 80 and in close proximity to Route 46.
Morris Corporate Center 1 & 2 features four full-height atrium lobbies, two full-service cafes, a 5,000-square-foot fitness center with locker rooms and a yoga studio, two conference areas including an executive boardroom, covered and surface parking and a central pond with trellis seating areas and walking path.
The four-story properties are currently 67% leased to a variety of tenants including Zurich Insurance, York Risk Services, Ipsos, ICAP, and Wallenius Wilhelmsen.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Greg Nalbandian and associate Andrew Zilenziger.
“This value-add bridge loan was closed just before the impact of the Covid-19 crisis became widespread,” Nalbandian stated. “Bridge distinguished themselves from the onset and executed flawlessly, providing P3 with a very attractive rate at 80% LTC with a future funding facility on a non-recourse basis.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge deliver the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement, or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
