CBRE Group Inc., New Jersey announced that it has arranged long-term lease renewals for 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 in Parsippany, N.J.
ICAP will be renewing its 21,000 s/f lease for an 11-year term, while Ipsos will be renewing its 28,000 s/f 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 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 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 s/f and offers access and high visibility for corporate tenants.
The complex is located one mile from the four-way interchange of interstate routes 80 and 287 and offers access to routes 46 and 202.