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Deals & Dealmakers

JLL completes two transactions for 14,000 square feet at 240 Cedar Knolls in Morristown-Parsippany corridor

JLL announced it has completed two leases totaling 14,143 square feet at 240 Cedar Knolls, the four-story, 119,587-square-foot fully renovated Class-A office building at the crossroads of the Morristown-Parsippany office corridor in New Jersey.

GLT Construction of NJ is relocating its New Jersey office within Parsippany to 240 Cedar Knolls. The relocation was to accommodate the steady growth GTL has experienced year after year. GTL also has as an office in White Plains NY, which covers the metropolitan area.

In addition, p–value communications, a medical communications firm serving the healthcare industry, signed a new lease for 10,739 square feet of space and extended its existing commitment through January 31, 2027. The company – which has been a long-standing tenant of 240 Cedar Knolls – has reconfigured its space needs to adapt to the changing demands of a hybrid workforce.

Located within the Cedar Knolls Corporate Center, with easy access to routes 10 and 24, interstates 287 and 80, 240 Cedar Knolls houses a diverse roster of tenants. The property is situated on 14 acres of landscaped grounds and recently upgraded amenities to include a full-service café, fitness center with lockers and showers and a conference center. Renovations carried out by Highstone Equity Group refreshed the building’s common areas to create bright and welcoming space with onsite management prioritizing tenant comfort and security.

A JLL leasing team led by executive managing director Frank Recine and vice president Colleen Maguire represented landlord Highstone Equity Group in the transactions. Recine and associate vice president Nicolas DeCotiis represented GLT Construction in its lease, while p-value communications was represented by senior vice president Chris Conklin and brokerage coordinator Maria Casaliggi, also of JLL.

“These transactions demonstrate the leasing momentum for superior-quality assets with best-in-class ownership,” said Maguire. “Highstone Equity Group has positioned 240 Cedar Knolls to accommodate the needs of new and existing tenants seeking to provide a collaborative environment for tenants.”

Elazar Hamel, founder and managing partner of Highstone Equity Group, said: “It is a pleasure to maintain p–value communications as a tenant and welcome GLT Construction to a property that provides a leading tenant experience. 240 Cedar Knolls Road is an ideally located property with a package of amenities that distinguishes it among the Class-A offerings in the market.”

“Both the p-value communications restructure and GTL lease needed to be negotiated and executed simultaneously in order to accommodate the space,” said Recine. “It was a pleasure working with all parties involved. There was a real concerted effort to get it completed in a short timeframe.”

The JLL leasing team is currently marketing availabilities at 240 Cedar Knolls, catering to small and mid- size companies ranging from 1,500 square feet to 10,000 square feet.

JLL is a leader in the northern/central New Jersey commercial real estate market, with more than 1,260 professionals and support staff providing agency leasing and property marketing, tenant representation, industrial services, strategic consulting, occupancy planning, workplace strategies, project and development services, property and facility management, and investment sales/capital markets debt and equity services to New Jersey’s leading corporate tenants, investors and landlords. The firm, which assists clients from five full-service offices in Parsippany, Iselin (Metropark), Princeton, Morristown and East Rutherford, also acts as a local service provider for JLL’s global and national corporate clients in need of real estate assistance in New Jersey. NJBiz ranked JLL’s New Jersey operations as the No. 1 commercial real estate brokerage in the Garden State in 2020.

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