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Wednesday, 10 July 2019

Northern N.J. Value-Add Office Play Brought to Market

Brookwood Financial Partners has brought to the sales market Morris Corporate Center 1 and 2, a pair of office buildings with 543,766 square feet in the northern New Jersey municipality of Parsippany. The property should benefit from a recent surge in tenant and investor activity in the area, helped by Teva Pharmaceutical's move last year.

Commercial Real Estate Direct Staff Report

Brookwood Financial Partners has brought to the sales market Morris Corporate Center 1 and 2, a pair of office buildings with 543,766 square feet in the northern New Jersey municipality of Parsippany.

The Beverly, Mass., investment manager, which bought the two buildings five years ago from the State Teachers Retirement System of Ohio, has hired HFF to market them for sale. It had paid $82.4 million for the buildings, which sit on nearly 31 acres at 300 Interpace Parkway and 1 Upper Pond Road and are within the 182-acre Morris Corporate Center.

It's looking to take advantage of healthy investor interest in the Parsippany market, one of only three in the state to see net absorption during the first quarter, according to Colliers International. The other two were the Hudson Waterfront and Morristown areas.

HFF has started distributing offering material on the properties - it's pitching the buildings as a complex - and is...


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