That was indeed advice well taken by New York Life Investment Management Holdings. Just two weeks after scoping out the under-construction Morris Technology Center in Parsippany, NJ, which is owned by Wellsford/Whitehall Group, Chatham, NJ, NYL snapped it up, even though it won't be able to take occupancy until six months or more from now. Besides being one of the largest lease deals in NJ so far this year, it's also among the fastest.

"It clearly illustrates the pent-up demand that is forcing tremendous velocity in the commercial real estate market here," points out Tom Glerum of Cushman & Wakefield of NJ's East Rutherford who represented the Wellsford/Whitehall in the deal. George Keller of C&W's New York City also represented the owner. The transaction also involved NYL representatives Tony Luisi and Dan McConnell, as well as C&W's Jeff Heller (NJ), and Bruce Mosler and Mitti Liebersohn (NY).

NYL Investment Management, which provides investment and money management services to a $117 billion portfolio, will relocate 550 employees from two different Parsippany locations to the new Morris Technology Center location.