185,000 SF of Leases Signed at Morris

PARSIPPANY, NJ-Brokers from CB Richard Ellis have chalked up leases totaling more than 185,000 sf at Morris Corporate Center 1 & 2 here. The twin class A office complexes, 260,000 sf each, are owned by the State Teachers Retirement System of Ohio (Ohio STRS). The various deals were brokered by CBRE senior vice president Richard Danesi, first vice presidents Dan Casey and Gregory Barkan and associate Gus Braunschweig.

“We are very pleased with the extensive leasing activity,” Danesi says. “The amount of recent leasing activity from both new and existing tenants is a testament to the Parsippany market, which is currently one of the strongest in New Jersey with a 10% increase in average asking rental rates for class A properties over the past 18 months. The market’s net absorption has rebounded significantly to 480,500 sf year-to-date.”

In the largest of the deals, Zurich American Insurance, represented by the Staubach Co., has signed a lease for 52,404 sf. Zurich American had initially signed into the building on a sublease basis in 2001, taking 40,000 sf from then-sublandlord GPU Energy.

Also among the largest of the latest signings is IPSOS Loyalty Inc., a global survey-based market research group based in Paris, France. Represented by Cushman & Wakefield, IPSOS extended its existing lease and expanded to a total of 28,226 sf. And INTTRA Inc., an e-commerce shipping firm, has signed a 25,381-sf headquarters lease. INTTRA was represented by Newmark Knight Frank.

The additional signings involved in the recent activity include new leases with Principal Life Insurance Co., the RCG Group, Selective Insurance Co. of America and Countrywide Home Loans Inc. Additionally Mutual of America Life Insurance Co extended its lease and expanded. Terms of the various signings were not disclosed; availabilities in the two complexes are currently listed with an asking price of $30.50 per sf.